"All else constant, consumers will purchase more of a good as the price falls." This statement reflects the behavior underlying:
A. the demand curve.
B. the supply curve.
C. a change in demand.
D. a change in supply.
Answer: A
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Constant returns to scale cause the long-run average cost curve to be:
A. horizontal. B. vertical. C. upward-sloping. D. downward-sloping.
Explain how the government gains revenue during inflation
What will be an ideal response?
Tastes for products such as beer differ. As a result
A) consumers of beer have difficulty deciding what type of imported beer to buy. B) the quality of imported beer is less than it could be. C) we see countries specializing completely in the production of beer. D) different countries may each have a comparative advantage in producing different types of beer.
An increase in the expected inflation rate will: a. shift the short-run Phillips curve upward and to the right
b. shift the short-run Phillips curve downward and to the left. c. not shift the short-run Phillips curve unless the unemployment rate changes. d. cause the unemployment rate associated with each inflation rate to decrease. e. tend to increase production unless the actual inflation rate also increases.