The law of demand says that the lower the price charged for a good, ceteris paribus, the:
A. greater the quantity demanded per period of time.
B. greater the demand for the good per period of time.
C. smaller the demand for the good per period of time.
D. smaller the quantity demanded per period of time.
Answer: A
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Diminishing marginal rate of substitution implies that the marginal rate of substitution
A. falls as one move to higher (northeast) in the indifference curve map. B. falls as one travels down (eastward) on an indifference curve. C. rises as one travels down (eastward) on an indifference curve. D. stays the same as one travels down (eastward) on a typical indifference curve.
The U.S. balance of payments status may improve when
A) the inflation rate increases in the United States relative to other countries. B) political instability in other countries increases. C) the world demand for U.S. products falls. D) the American government increases its spending on foreign aid.
Individuals will make choices to maximize their:
A. constraints. B. utility. C. income. D. values.
The only types of firms that cannot theoretically practice price discrimination are perfectly competitive firms
a. True b. False Indicate whether the statement is true or false