The law of demand says that the lower the price of a good, other things constant,
a. the smaller the demand for that good
b. the larger the demand for that good
c. the smaller the quantity demanded of that good
d. the larger the quantity demanded of that good
e. the smaller the real income of consumers and the lower the quantity demanded of that good
D
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Along the 45° reference line
A) the average propensity to consume is represented. B) planned real expenditures equal real disposable income. C) consumption expenditures equal saving. D) the relationship between consumption and income is represented.
If this pollution occurs, the market equilibrium with no government intervention extracts ________ natural gas than the efficient quantity and ________ a deadweight loss
A) less; does not create B) more; does not create C) less; creates D) more; creates
Monetizing deficits has lead to serious inflation in
a. the United States. b. Canada. c. the United Kingdom. d. Russia, Latin America, and Israel. e. All of the above are correct.
In which of the following situations would GDP not change?
A. More and more domestic consumers opt to build a new home, rather than spending the same money on an already existing home. B. As domestic consumers buy fewer tobacco products, tobacco manufacturers instead sell their products, at the same price, to foreign buyers. C. Domestic consumers begin to buy less imported wine, and instead spend just as much money on domestically produced wine. D. Without reducing the number of automobiles sold, domestic automobile producers decide to reduce the number of automobiles they produce, rather than producing cars that would end up as unsold inventory.