The law of demand is graphically depicted as a(n)
a. vertical demand curve
b. horizontal demand curve
c. downward-sloping demand curve
d. upward-sloping demand curve
e. curved demand line
C
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A company facing the problem of moral hazard decided to lay off some workers during a recession, instead of lowering wages. What is the possible reason behind such a decision?
What will be an ideal response?
An individual having an unusually good year will be on his short-run consumption function at a point ________ his long-run consumption function, with an unusually ________ saving ratio
A) above, high B) above, low C) below, high D) below, low
In a monopoly, price is less than marginal revenue
Indicate whether the statement is true or false
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.