An increase in quantity demanded of a good is caused by
A) a decrease in income.
B) a decrease in the price of a substitute.
C) a decrease in the price of the good.
D) a change of tastes.
Answer: C
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These are the shares of the seven firms in Macland’s sweater industry. Sally’s Sweaters: 26%, Jack’s Sweaters: 12%, Mira’s Sweaters: 2%, Nils’ Sweaters: 8%, Hans’ Sweaters: 3%, Pedro’s Sweaters: 7%, Jules’ Sweaters 2%. What is the four-firm concentration ratio?
a. 60% b. 4% c. 53% d. 48%
If you buy a book of U.S. postage stamps to use to mail love letters to your sweetheart, the purchase is considered part of:
A. C. B. I. C. G. D. X.
Overcrowding under public school choice is not a problem because _____
a. parents find crowded schools undesirable b. parents do not mind sending their kids to schools far away from home c. schools have the ability to drastically expand capacity in the short-run d. schools will be extremely exclusionary
At the point where the demand and supply curves for a product intersect,
What will be an ideal response?