According to the law of demand
A) people buy more of a good when the price rises.
B) people buy more of a good when their income rises.
C) people buy more of a good when the relative price rises.
D) people buy more of a good when the price falls.
D
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Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of producer surplus equals area(s)
A. B + C. B. D. C. A + B + C + D. D. B + C + D.
In 2009, President Obama proposed raising the income tax on those making over $250,000 per year. Discuss the merits of this plan.
What will be an ideal response?
A decrease in the availability of an important major resource such as oil shifts aggregate supply left.
Answer the following statement true (T) or false (F)
If an increase in price causes total revenue to decrease, we can conclude that demand is price elastic
Indicate whether the statement is true or false