________: as disposable income of a consumer increases, the percentage of income spent for food decreases if all other things remain constant
Fill in the blank(s) with correct word
Engel's law
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If the price of chicken rises from $1.25 per pound to $1.75 per pound, and the quantity demanded goes from 250 pounds per day to 175 pounds per day, this illustrates
A. the law of diminishing returns. B. the law of supply. C. the law of demand. D. the law of supply and demand.
The type of regulation that attempts to keep prices and the rate of return in an industry at a competitive level is referred to as
A) cost-of-service regulation. B) rate-of-return regulation. C) service-opportunity regulation. D) natural regulation.
As long as an item has never been sold, its value is counted in GDP for the year in which it is finally sold.
Answer the following statement true (T) or false (F)
The condition P = MC implies that an individual who values the product at P will receive
A. no consumer surplus. B. only producer surplus. C. positive consumer surplus. D. negative consumer surplus.