When graphing the demand curve:
A. both quantity and price go on the horizontal axis.
B. quantity goes on the vertical axis and price goes on the horizontal axis.
C. it doesn't matter which axis price and quantity are placed on.
D. quantity goes on the horizontal axis and price goes on the vertical axis.
Answer: D
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Explain how an increase in the price of leather brought about by shift in tastes may lead to an increase in the supply of beef
What will be an ideal response?
Observations of inflation in the 1970s prompted what further addition to the Phillips curve?
A) price shocks B) expected inflation C) personal consumption expenditures D) all of the above E) none of the above
Other things being equal, the longer a price change persists
A) the less is the elasticity of demand. B) the less chance a consumer will be able to adjust. C) the more the consumer will be willing to pay. D) the greater is the elasticity of demand.
Suppose Ginger is going to buy a house and a dishwasher. Assuming the marginal cost of searching for both is the same, one can predict that Ginger will
A. spend more time searching for the dishwasher than the house. B. trust the information from her real estate agent but not from the dishwasher salesperson. C. spend more time searching for the house than the dishwasher. D. spend equal amounts of time searching for the dishwasher and the house.