Excess demand in an unregulated market will cause the price of a product to fall.
Answer the following statement true (T) or false (F)
False
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To say that people make marginal decisions means that
a. they usually wait until the last minute before making a decision to buy b. they weigh the additional costs and additional benefits of various activities before they make a decision c. most people just barely get by on the incomes they earn and live from day to day on the very edge of subsistence d. given a choice, most people would prefer to make their own decisions concerning the things that affect their lives e. they consider the total cost and benefit of various activities before they make a purchase
If the price effect outweighs the quantity effect, then a tax:
A. increase will raise revenue. B. decrease will raise revenue. C. increase will lower revenue. D. increase will not change revenue.
Average cost curves have the same shape as
a. total cost curves. b. marginal cost curves. c. total fixed cost curves. d. average fixed cost curves.
Which of the following items is not included in the most narrow definition of money, M1?
a. currency b. savings deposits c. traveler's checks d. demand deposits