As a general rule, consumers have
A. limited income.
B. unlimited desires for goods.
C. many choices of goods facing them.
D. All of the responses are correct.
Answer: D
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Money that is backed by nothing but the faith and confidence that if you accept it in exchange for something, you will be able to exchange it for something else, is referred to as ________
Fill in the blank(s) with correct word
A public good is available to all regardless of who pays for it and who does not
a. True b. False
An increase in the price of poultry would lead to
a. a decrease in quantity demanded of fish and an increase in the demand for poultry. b. a decrease in quantity demanded of poultry and an increase in the demand for fish. c. an increase in quantity demanded of fish and a decrease in the demand for poultry. d. an increase in quantity demanded of poultry and a decrease in the demand for fish.
Assume a purely competitive increasing-cost industry is initially in long-run equilibrium but then there is a decrease in consumer demand. After all economic adjustments to this new situation have taken place, product price will be:
A. lower, but total output will be higher. B. higher, but total output will be lower. C. higher, and total output will be higher. D. lower, and total output will be lower.