The quantity of a good demanded in a given time period increases as the price falls, which is known as:
A. Say's Law.
B. The law of ceteris paribus.
C. The law of demand.
D. The opportunity cost.
Ans: C. The law of demand.
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Monopolistically competitive firms can differentiate their products
A) by producing where marginal revenue equals marginal cost. B) through marketing. C) by equating price and average total cost. D) by producing at minimum efficient scale.
If a country choose to dollarize, it has relinquished its
A) monetary policy autonomy. B) pain from realignments C) ability to conduct fiscal transactions. D) ability to borrow internationally.
Efficiency is the condition that exists when there is no way resources can be reallocated to increase the production of one good without decreasing the production of another
Indicate whether the statement is true or false
Which of the following is true?
A) A budget surplus will increase the national debt. B) A budget deficit will increase the national debt. C) A budget deficit will reduce the national debt. D) A balanced budget will increase the national debt.