Because the market demand curve slopes downward
a. each unit of a good is worth more than the market price
b. each unit of a good is worth the market price paid for each
c. each unit of a good is worth less than the previous units are worth
d. diminishing marginal returns have set it
e. the market is efficient
C
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A seller's willingness to accept is the same as his:
A) total cost of production. B) marginal cost of production. C) fixed cost of production. D) average cost of production.
An indifference curve shows
A) the relationship between prices and a household's budget. B) all possible prices and preferences for a good. C) combinations of goods among which a household is indifferent. D) budget lines among which a consumer is indifferent.
If the price of hairspray is represented by P in the equation P = 10 - 0.2 QD, then the corresponding quantity of hairspray demanded is represented by the demand equation
A) QD = 50 -5P. B) QD = -10 + 0.2P. C) QD = 0.5P + 2. D) QD = 5P - 2.
The value of money falls. This might be because the Federal Reserve
a. bought bonds, which increased the money supply. b. bought bonds, which decreased the money supply. c. sold bonds, which increased the money supply. d. sold bonds, which decreased the money supply.