According to the law of demand, if other relevant factors remain unchanged, then a rise in the price of a commodity will cause
a. a reduction in the equilibrium quantity.
b. excess supply.
c. suppliers to reduce their production in reaction to the lower demand.
d. a fall in the quantity demanded.
d. a fall in the quantity demanded.
You might also like to view...
In the United States, between 1961 and 2011, there has been
i. a consistent , non-changing growth rate of potential GDP per person. ii. an increase in the standard of living based on real GDP per person. iii. fluctuations in real GDP per person around potential GDP per person. A) ii only B) i, ii and iii C) i and ii only D) ii and iii E) i only
The above table shows some national income accounting data for a nation. In this nation, gross domestic product is equal to ________ billion
A) $2,000 B) $2,300 C) $2,500 D) $2,800
In the balance sheet for the FBN bank above, the entries are in millions of dollars. If the desired reserve ratio is 10 percent, FBN Bank has desired reserves of
A) $360 million. B) $120 million. C) $280 million. D) $0.
Suppose a person's utility for leisure (L) and consumption (Y) can be expressed as U = Y ? L and this person has no non-labor income
Assuming a wage rate of $10 per hour, show what happens to the person's labor supply when the person wins a lottery prize of $100 per day.