The law of demand states that there is a negative relationship between price and quantity demanded, ceteris paribus.
Answer the following statement true (T) or false (F)
True
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If the price of marshmallow exceeds the marginal value that the consumer places on marshmallows, then
a. the consumer is at the optimum. b. the consumer's level of satisfaction would increase if he buys more marshmallows and less of other goods. c. a surplus of marshmallows exists in the market. d. the optimum contains fewer marshmallows than the consumer is currently buying.
Which of the following is most likely to cause a rightward shift in the demand curve for dollars in exchange of the Chinese yuan?
A) An increase in the demand for Chinese products in the U.S. B) An increase in the demand for U.S. products in China C) A decrease in the demand for Chinese products in the U.S. D) A decrease in the demand for U.S. products in China
Which of the following countries have instituted liberal reforms and substantially improved their economic freedom rating since 1990?
a. Japan and Italy b. Nigeria and Pakistan c. Sierra Leone and Zimbabwe d. Estonia and Hungary
What does it mean when the products sold by the firms in an industry are homogeneous?
A. The product sold by one firm is a perfect substitute of the product sold by another firm in the same industry. B. Firms in the industry can produce the same product with different inputs. C. The product sold by one firm is a perfect complement of the product sold by another firm in the same industry. D. All firms in the industry are identical in size.