Law of Demand
What will be an ideal response?
The claim that, other things equal, the quantity demanded of a good falls when the price of that good rises.
You might also like to view...
When the price of, say, a package of rice changes, what must the BLS do next?
A) immediately incorporate the new price into the CPI B) determine if the new price is consistent with other price changes for the period C) determine if the size, quality, weight, or packing of the rice has changed and adjust the price accordingly D) ignore the price change E) immediately incorporate the new price into the CPI only if the price has fallen
The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the equilibrium output will be
A) 2,000 tons. B) 3,000 tons. C) 4,000 tons. D) 5,000 tons.
Two individuals engage in the same two productive activities. In which of the following circumstances would neither individual have a comparative advantage in either activity?
What will be an ideal response?
The multiplier effect of a tax cut is ______ the multiplier effect of an equal amount of government spending.
a. less than b. the same as c. a little more than d. much more than