The quantity demanded of a product increases as
The opportunity cost of something is?
An unemployed individual decides to spend the day fishing. The opportunity cost of fishing is equal to?
The rational behavior implies that an individual will do best by producing or consuming where?
When referring to "marginal" changes, the economic focus is on?
A change in the quantity demanded of a product is the result of a change in?
the quantity demanded of a product increases as
The Law of Demand can be explaind as
In considering the relationships between price and quantity demanded, "ceteris paribus" directs the economist to assume that
The Law of Supply states that
Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect:
Which of the following would shift the demand curve for new textbooks to the right?
Sugar can be refined from sugar beets. When the price of those beets falls,
The price of good A goes up. As a result, the demand for good B shifts to the left. From this we can infer that:
As long as the actual market price exceeds the equilibrium market price, there will be:
The demand for books is:Qd = 120 - P
The supply of books is: Qs = 5P
What is the equilibrium price of books?
What is the equilibrium quantity of books sold?
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