Ceteris paribus refers to all of the following ideas except
a. changing just one variable at a time
b. holding everything else constant
c. everything else being equal
d. one-to-one cause and effect relationships
e. in the absence of other influences
A
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When economists say that the demand for a product has decreased, they mean that
A. consumers are now willing and able to buy less of this product at each possible price. B. the demand curve has shifted to the right. C. the product has become particularly scarce for some reason. D. the product has become more expensive and thus consumers are buying less of it.
Perfect competition is an ideal market structure.
Answer the following statement true (T) or false (F)
One of the negative impacts of export subsidy is that:
a. the price of the domestic good increases in the world market. b. the domestic supply of the goods increases more than proportionately than increase in demand. c. the domestic cost of production of the exportable increase. d. it results in a general deflation and hence the domestic producers incur losses. e. the domestic consumers are harmed as the subsidies are financed by taxing them.
A monopolist can earn a positive economic profit, even in the long run.
Answer the following statement true (T) or false (F)