The amount of a good or service that buyers would be willing and able to purchase at a specific price is known as
a. quantity demanded
b. demand
c. supply
d. quantity supplied
e. opportunity cost
A
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Child labor is a widespread problem that applies primarily to children
(a) between the ages of 5 and 14. (b) between the ages of 10 and 14. (c) between the ages of 12 and 14. (d) between the ages of 12 and 16.
If the selling price falls and input costs are fixed, profit margins will increase
a. True b. False Indicate whether the statement is true or false
Which of the following is a positive economic statement?
A. No individual should live in poverty. B. Economic considerations are less relevant than ethical issues in deciding national policy. C. The unemployment rate of males exceeds that of females. D. Unemployment is a more serious societal problem than inflation.
The more substitutes there are for a monopolist's product
A) the less elastic is the demand curve. B) the more elastic is the demand curve. C) the steeper is the demand curve. D) the more positively sloped the demand curve becomes.