The law of demand implies, holding everything else constant, that as the price of bagels increases
A) the quantity of bagels demanded will decrease.
B) the demand for bagels will decrease.
C) the quantity of bagels demanded will increase.
D) the demand for bagels will increase.
Answer: A
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In the figure above, if the government provides a subsidy to colleges of $6,000 per student per year, what is the tuition?
A) $10,000 per year B) $12,000 per year C) $8,000 per year D) $6,000 per year
The objective of creating a brand name is:
a. to reduce the price of the product. b. to ensure a steady supply of the good in the market. c. to reduce the price elasticity of demand. d. to reduce the cost of production of the firm. e. to attract rival firms into the market.
The reservation wage is
A) the wage that an employer must pay workers to reduce turnover to a reasonable level. B) the wage that ensures a laid-off individual will wait for re-hire, rather than find another job. C) the lowest wage firms are allowed by law to pay workers. D) the wage offer that will end a labor-strike. E) none of the above
The United States government helps the free enterprise system work by doing all of the following, EXCEPT
A. enforcing business contracts. B. using a central planning agency to direct the production process. C. defining property rights. D. lowering some of the barriers to competition.