Suppose the prices of petroleum products, including gasoline and fuel oil, fell sharply. Which of the following would most likely occur as the result of the lower prices of petroleum products?
a. A reduction in the consumption of gasoline.
b. An increase in demand for solar heating systems.
c. An increase in demand for smaller, more efficient automobiles.
d. A reduction in the demand for home insulation products.
d
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Economic growth is a(n) _______ process.
A. Constant. B. Exponential. C. Arithmetic. D. Linear.
Where are coins manufactured?
(A) Federal Reserve Banks (B) Bank holding companies (C) United States Mint (D) Bureau of Engraving
Firms in a perfectly competitive market produce at minimum average cost in the short run and the long run.
Answer the following statement true (T) or false (F)
The height of the demand curve at any quantity indicates
a. total expenditure on the good or service b. total revenue to the seller of the good or service c. whether the price is fair or not d. how much that particular unit is worth to the person who buys it e. how much the person who buys that unit actually pays for it