The law of demand can be explained as:
A. a lot of people wanting the same thing.
B. the higher the price, the smaller the quantity demanded, ceteris paribus.
C. people are willing to make limited sacrifices to acquire products.
D. legal reasons people make purchases in the marketplace.
Answer: B
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A family on a trip budgets $800 for meals and gasoline. If the price of a meal for the family is $50, how many meals can the family buy if they do not buy any gasoline?
a. 8 b. 16 c. 24 d. 32
Which of the following would cause a decrease in the price of automobiles?
A.) A technological advance in automobile manufacturing. B.) An increase in the wages paid to automobile assembly line workers. C.) A decrease in the cost of gasoline. D.) An increase in the number of buyers.
"Price elasticity measures how many more units of a good that consumers will buy given a decrease in price." Do you agree or disagree? Explain
What will be an ideal response?
A production possibilities frontier is a line or curve that:
A. explains why societies make the choices they do. B. shows the best combinations of outputs that can be produced using all available resources. C. shows all the possible combinations of outputs that can be produced using all available resources. D. shows what can be produced when all available resources are efficiently used.