Which of the following is consistent with the law of demand?
A. A decrease in the price of tacos causes sellers to want to sell less
B. An increase in the people's craving for pizza causes buyers to buy more pizza
C. An increase in the price of hamburgers causes buyers to buy fewer hamburgers
D. A decrease in the price of egg rolls causes a decrease in the quantity of egg rolls demanded
Answer: C
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Variable costs are
A. sunk costs. B. costs that change with the amount of output a firm produces. C. costs that change every day. D. the change in total cost associated with the production of an additional unit of output.
Explain how price expectations can affect the supply of a product
What will be an ideal response?
According to the book, four disciplines are particularly applicable to management. Which of the following was not listed as a main influence?
a. Humanities b. Psychology c. Sociology d. Economics
The real business cycle theory is based on all of the assumptions below EXCEPT
A. flexible prices. B. the absence of rationality among people. C. pure competition. D. flexible wages.