Over time, the equilibrium price of a gigabyte of computer memory has fallen while the equilibrium quantity purchased has increased. Based on this we can conclude that:
A. decreases in the demand for computer memory have exceeded increases in supply.
B. decreases in the supply of computer memory have exceeded increases in demand.
C. increases in the demand for computer memory have exceeded increases in supply.
D. increases in the supply of computer memory have exceeded increases in demand.
Answer: D
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A) capital accumulation. B) technological change. C) reduced current consumption. D) the gain in future consumption.
Your weekly budget for gasoline and movie rentals is $45.00. Referring to the figure above, what is the price per gallon of gasoline?
A) $1.00 B) $1.25 C) $1.50 D) $1.75
The world's economies can be divided into four main categories according to their annual per-capita income levels. Which one of the following is NOT one of the categories?
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The Law of Demand states that, other things being constant, when the price of a good increases then:
(a) Demand decreases. (b) Demand increases. (c) The quantity demanded decreases. (d) The quantity demanded increases.