The market supply is the ________ of the individual supplies of all the potential sellers
A) sum
B) product
C) square of the sum
D) square root of the sum
A
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Computations of the price elasticity focus on the calculated magnitude due to of the law of demand.
Answer the following statement true (T) or false (F)
The market demand for a particular good indicates:
A.) That consumers will purchase more of the good at higher prices, ceteris paribus. B.) That sellers will offer more of the good only at higher prices, ceteris paribus. C.) The total quantities buyers are willing and able to purchase at alternative prices, ceteris paribus. D.) How much of the good is actually purchased in a given period of time.
Which of the following statements reflect the primary change in the mortgage market that played the major role in creating the housing crises in 2007 through 2009?
A. low interest in the mid 2000's. B. adjustable rate mortgages to low income citizens with low credit scores. C. the large increase in interest rates in 2007. D. the reduction in newly constructed housing.
In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are:
A. complementary goods and the higher price for oil increased the demand for natural gas. B. substitute goods and the higher price for oil increased the demand for natural gas. C. complementary goods and the higher price for oil decreased the supply of natural gas. D. substitute goods and the higher price for oil decreased the supply of natural gas.