Holding everything else constant, a decrease in the price of GPS systems will result in
A) a decrease in the supply of GPS systems.
B) an increase in the quantity of GPS systems demanded.
C) an increase in the demand for GPS systems.
D) an decrease in the quantity of GPS systems demanded.
B
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In the small town of Springfield, Duffman observes that the price of beer has fallen. Duffman concludes that the total amount of money spent buying beer has to fall since the price of beer is lower now. Is he correct? Why or why not? Clearly explain your answer.
What will be an ideal response?
In the United States, most workers
a. work for government of some sort. b. produce raw materials for manufacturing. c. work in agriculture and farming. d. produce services rather than goods.
A fact based on observable phenomenon that is not influenced by differences in personal opinion is called
a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus.
Andrew Carnegie, Steven Jobs and Sam Walton were all innovators who are also considered _____________.
Fill in the blank(s) with the appropriate word(s).