Which of the following is a determinant of market demand?
A) consumers' expectation of the future relative price of a product
B) taxes imposed on firms that sell the product
C) cost of inputs used to produce the product
D) number of firms that produce the product
Answer: A
You might also like to view...
Suppose that when the price of good X changes, the quantity of good Y demanded remains the same. The cross price elasticity of demand is
A) zero. B) positive. C) negative. D) either positive or negative.
The blame for failing to address the budget deficits of the 1980s and early 1990s
a. is clearly the fault of the Republican administrations. b. is clearly the fault of the Democratic Congresses. c. is a political question rather than an economic question. d. is an economic question rather than a political question.
When the aggregate supply curve is ________ the price of factors of production is fixed, with little or no upward pressure on price.
A. upward sloping B. vertical C. horizontal D. downward sloping
An example of a sunk cost would be:
A. the admission fee you paid to enter a national park. B. the value of a lift ticket once you've started skiing. C. the cost of a movie ticket once you've started watching the movie. D. All of these are examples of sunk costs.