An increase in the quantity of tea demanded occurs if:

A. the income of tea drinkers increases.
B. the population of tea drinkers grows.
C. the price of the tea falls.
D. the price of coffee rises.


Answer: C

Economics

You might also like to view...

If the expansion of an export industry leads to the provision of infrastructure such as roads or airports, this is called a(n)

A) secondary effect. B) linkage effect. C) elementary effect. D) None of the above.

Economics

In a perfectly competitive market, a new firm can enter without any cost

a. True. b. False.

Economics

Economic activity initiated by market participants imposes costs on free riders

Indicate whether the statement is true or false

Economics

The concept of money as a "unit of account" involves the use of money to

a. speed transactions. b. reduce shopping time. c. protect against inflation. d. quote prices.

Economics