Historical demand curves are always suspect because their demand curves are likely to have shifted over time.
Answer the following statement true (T) or false (F)
True
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For demand to exist, there must be
a. a desire and an ability to buy. b. a supply of the product in the market. c. a price that is low enough to permit all consumers to afford the product. d. All of these.
Escape from the vicious cycle of poverty usually involves
a. assigning people to specific economic activities b. increasing the percentage of income that is saved c. highly sophisticated technology d. all of the above e. none of the above
Under tort law, compensatory damages are awarded in order to
a. compensate individuals who are injured as a result of the intentional behavior of others. b. compensate individuals who are injured as a result of the negligent behavior of others. c. punish those who injure others intentionally d. to deter others from taking risks
Over a ten year period, the monthly charge for cellular phone service decreased from $120 per month to $30 per month. At the same time, the number of subscribers increased from less than 10 million to more than 75 million. Which of the following provides the best explanation for these changes?
A. An increase in consumer income over this ten year period B. A reduction in the price of residential phone service, a substitute for cellular phone service C. An increase in the wages of workers in the cellular phone industry D. Technological improvements that reduced the cost of supplying cellular phone service