question
Which of the following statements best represents the law of supply?
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...
question
"As the price of apples goes up, the demand for apples goes down." The author of this statement
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One reads in the newspaper: "Today the president and Congress enacted a law which adds new requirements that child care providers must meet before they can offer their services for sale." As a result, an economist would predict that
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the supply of child care services decrease, thus raising the price of child care services.
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__________ is the number of units that individuals are __________ to buy at a particular price during some time period.
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Quantity demanded
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Which of the following is descriptive of the law of diminishing marginal utility?
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The third hamburger consumed provides less utility than the second hamburger consumed
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Resource X is necessary to the production of good Y. If the price of resource X rises,
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...
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A "decrease in the quantity demanded" means that
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...
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If the quantity demanded of good X is greater than the quantity supplied of good X, then the market for good X is in disequilibrium.
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True
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On the basis of the law of demand, it is more likely that a person will lose his temper when the price of losing his temper is low than when it is high.
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True
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Demand takes into account goods, but not services.
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False
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The law of diminishing marginal utility helps to explain why supply curves are generally upward sloping
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False
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When income rises for the buyers of good X, the ____________ curve for good X will shift ________________.
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...
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Suppose the government decides that every family should own its own home. To bring this about, the government decides to subsidize the home-construction industry by giving the home-construction companies $10,000 for every house that they build. As a result of this,
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The supply curve of new houses would shift rightward, since builders would be willing to produce and sell more houses at each given price.
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if a supply curve shifts rightward, this means
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...
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if a demand curve shifts rightward, this means
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...
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a decrease in the expected price of corn would likely do the following to the current supply and demand for corn
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...
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At a price of $9.99, Danielle buys 3 digital books per month. When the price decreases to $7.99, Danielle buys 4 digital books per month. Jason says that Danielle's demand for digital books has increased. Is Jason correct?
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no, Jason is incorrect. Danielle's quantity demanded has increased, but her demand has stayed the same.
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If the demand for computer software rises as incomes rise, this tells us that computer software is a (an)
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normal good
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According to the law of demand, the higher the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, ceteris paribus, and the ______________ likely students will seek out an alternative to the assigned textbook.
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...
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If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen?
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...
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An increase in the number of buyers in a particular market for a good will result in a ___________________ for that good.
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...
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Resource X is necessary to the production of good Y. If the price of resource X rises,
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...
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