According to the law of ________, there is a positive relationship between price and ________.
A. supply; the quantity supplied
B. demand; quantity demanded
C. demand; change in demand
D. supply; the change in supply
Answer: A
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The market produces too few public goods because:
A.) The link between payment and consumption is broken. B.) They must be paid for by wealthy individuals. C.) Only the government can produce public goods. D.) The market distributes goods to those with the most money.
If the price falls and the total amount consumers spend on the good remains unchanged, then demand must be
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.
Refer to the scenario above. How will the demand for pens faced by the existing pen manufacturers in Eduland be affected if new firms enter the industry in the long run?
A) The demand faced by the existing firms will become perfectly inelastic. B) The demand faced by the existing firms will become perfectly elastic. C) The demand faced by the existing firms will increase. D) The demand faced by the existing firms will decrease.
How do economists refer to the change in a firm’s revenue that results from the addition of another piece of equipment?
a. marginal resource cost b. marginal input benefit c. marginal product cost d. marginal revenue product