A decrease in demand is shown graphically by a shift of the demand curve to the _______.
Fill in the blank(s) with the appropriate word(s).
left
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Profits and losses are true signals because they
A) convey information about true long-run profits. B) cannot be misinterpreted by entrepreneurs. C) convey information about where to place resources and reward people who act on the information. D) reward people who make profits with even more profits and punish those who make losses with even more losses.
If the production possibilities frontier were a straight line,
A. The Law of Increasing Cost would still apply. B. The opportunity cost of producing one good would decrease as more of another good is produced. C. The opportunity cost of producing one good would increase as more of another good is produced. D. The opportunity cost of producing one good would remain the same as more of another good is produced.
Equilibrium in the money market occurs when __________
A) the quantity of money demanded is less than the quantity of money supplied.
B) the interest rate equals the money supply.
C) the quantity of money demanded is more than the quantity of money supplied.
D) the quantity of money demanded equals the quantity of money supplied.
Which of the following is a question answered with normative economic reasoning?
A. If the college offers free textbooks for students, will more students read their textbooks? B. If the college provided less financial aid for out-of-state students, would more in-state students benefit? C. If the college increased its enrollment requirements, would class size decline? D. Should the college increase tuition to fund its athletic programs?