Microeconomics
What will be an ideal response?
Study of the economic behavior of individual consumers, firms, or markets
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An increase in the demand for music downloads indicates that more music downloads are
A. demanded because sellers are putting music downloads on sale. B. demanded because music download prices have decreased. C. demanded even if prices of music downloads stay the same. D. demanded because sellers are selling more music downloads.
Which of the following moral theories considers the action resulting in the greatest benefit to all people as the most moral action?
a. act utilitarianism b. rule utilitarianism c. relativism d. deontology
Demand is said to be elastic if a ______.
a. 3 percent price increase causes a 2 percent reduction of quantity demanded b. 5 percent price increase causes a 5 percent reduction of quantity demanded c. 5 percent price increase causes a 40 percent reduction of quantity demanded d. 10 percent price increase cause an 8 percent reduction of quantity demanded
For a previously-legal good, criminalization will cause
A. demand to become less elastic. B. supply to become more elastic. C. price to fall, unambiguously. D. supply to increase.