According to the law of supply, price and quantity supplied are inversely related, ceteris paribus
a. True
b. False
Indicate whether the statement is true or false
False
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Wants
A) is another term for needs. B) refer to services while needs refer to goods. C) is the term used by economists instead of needs because needs are not objectively definable. D) are used by economists and refer to the same thing as needs when used by psychologists.
The market to buy and sell organs:
A. would increase the well-being of those who interacted in it. B. would not be considered "missing," since surplus could be gained from it. C. would create negative surplus in those who could not afford an organ, but needed one. D. would never exist because it is unfair.
Effective oligopolistic collusion is more likely to occur when customer orders are small, frequent, and received on a regular basis as compared with large orders that are received infrequently at irregular intervals
a. true b. false
Price changes from year to year are not proportional, and consumers respond to these changes by altering their spending patterns. The problem this creates for inflation calculations is called
a. deflation. b. inflation. c. unmeasured quality change. d. substitution bias.