The relationship between the price of a good and the quantity people are willing and able to purchase is:
A) supply.
B) demand.
C) equilibrium.
D) disequilibrium.
Ans: B) demand.
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Which of the following is FALSE?
a. To reduce cannibalization among products, reposition a product so that it does not directly compete with the other b. After acquiring a substitute product, lower prices on both the products c. After acquiring a complementary product, lower prices on both the products d. All of the above
The sum of past federal budget deficits is the:
a. Congressional debt. b. GDP debt. c. national debt. d. trade debt plus GDP.
Suppose the price level falls. The result is that the:
A. aggregate supply curve would shift to the right. B. aggregate supply curve would shift to the left. C. general price level would rise causing a movement up the aggregate demand curve. D. aggregate demand curve would slope downward because of the real balances effect.
The supply and demand model examines how prices and quantities are determined
A. by governments. B. by monopolists. C. in markets. D. by churches.