Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from $1.50 to $1.25 per dozen,
a. the demand for cookies will fall.
b. the demand for cookies will rise.
c. a larger quantity of cookies will be demanded.
d. a smaller quantity of cookies will be demanded.
c
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In the figure above, if income were distributed equally across all households, the poorest 10 percent of households would receive ________ of total income
A) 5 percent B) 10 percent C) 15 percent D) 20 percent
The price of labor in the agricultural industry has just increased. For agricultural products, this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
If an agricultural market is perfectly competitive, which of the following types of behavior might be expected?
A. Economic profits encourage entry. B. Collusion in restraint of trade. C. Price wars. D. Advertising.
Firms are organizations that
A. demand consumer outputs. B. transform outputs into inputs. C. transform resources into products. D. take advantage of the public.