Other things being equal, an increase in the price of a good leads to an increase in the amount produced. This is known as
A) the law of demand.
B) the law of supply.
C) ceteris paribus.
D) equilibrium.
Answer: B
You might also like to view...
Suppose we observe that both the equilibrium price of film cameras and the equilibrium quantity of film cameras have fallen. Which of the following could be responsible for this?
A) Consumers' preferences changed in favor of digital cameras. B) technological advances in film camera production C) Workers who make cameras received a pay raise. D) The price of digital cameras increased.
Deflation refers to a situation in which
A) the inflation rate decreases. B) the average of all prices is falling. C) there is a recession and inflation. D) prices are not changing.
Unemployment occurs when someone:
A. wants to work but cannot find a job. B. is not working full-time. C. should be working but chooses not to. D. has useful skills that are not being used.
Consider the following three bonds, Bond F, Bond J and Bond P. Bonds F and P mature in 1 year while Bond J matures in 4 years. Bond F and J have a face value of $10,000 while Bond P has a face value of $11,000 . If the interest rate is 15%, rank the three bonds from highest present value to lowest present value
a. Bond F, Bond P, Bond J b. Bond P, Bond F, Bond J c. Bond J, Bond F, Bond P d. Bond P, Bond J, Bond F e. Bond F, Bond J, Bond P