The law of demand states that as the price
A. increases, total quantity demanded will increase.
B. decreases, total quantity demanded will decrease.
C. increases, total quantity demanded will decrease.
D. increases, total quantity demanded will stay the same.
Answer: C
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If the Ford Motor Company decides to use more robots in its manufacturing plants, the company is addressing the question of
a. which goods and services should be produced with society's scarce resources b. what production methods should be used to produce goods and services c. how will output be allocated among the individuals in the society d. what prices will be charged for goods and services e. the optimal degree of central planning
What name do economists have for a cost that has already been committed and cannot be recovered?
A quota on imported avocadoes ______________ the price of avocadoes, _____________ consumers' surplus for avocado buyers, _______________ producers' surplus of avocado growers and __________________ tariff revenue. Because the loss to _____________ is more than the gain to ___________________, there is a net loss to society
A) raises; increases; decreases; generates; producers; consumers and government B) lowers; increases; decreases; does not generate; producers; consumers C) raises; increases; decreases; does not generate;consumers; producers and importers D) raises; decreases; increases; generates; consumers; producers and government
Savers supply funds to those who want to borrow for their investment spending needs in the:
A. market for interest rates. B. market for loanable funds. C. market for savings. D. stock market.