Ceteris paribus, the quantity demanded of a good will decrease in response to:
A. Higher income.
B. A higher price for the good.
C. A rightward shift of the supply curve.
D. A lower price for the good.
Answer: B. A higher price for the good.
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If consumers completely cease purchasing a product when its price increases by any amount, then demand is:
A. unit elastic. B. perfectly inelastic. C. perfectly elastic. D. inelastic.
Which of the following will most likely have the greatest effect on an individual's consumption function?
a. winning a small amount in the lottery b. a one-time tuition grant c. a week of high overtime pay d. an inheritance paying a modest annual dividend
Which of the following statements is true? a. Demand refers to how much of a good a consumer is willing to purchase at all prices
b. Demand refers to how much of a good a consumer is able to purchase at all prices. c. Demand refers to how much of a good a consumer is able to consume during a given period of time. d. Demand refers to how much of a good a consumer is willing and able to purchase at all prices.
Which antitrust act was passed to protect independent retailers from "unfair discrimination" by chain stores?
A) Federal Trade Commission Act B) Robinson-Patman Act C) Sherman Act D) Wheeler-Lea Act