A) production costs have risen.
B) substitute goods are now relatively cheaper.
C) the income of consumers has effectively risen.
D) the higher price will make the good more valuable to each consumer.
Correct Answer
verified
Correct Answer
verified
A) Economists use the criterion of economic efficiency to judge the merit of alternative outcomes.
B) Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy.
C) Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals.
D) All of the above are true.
Correct Answer
verified
Correct Answer
verified
A) It increases.
B) It decreases.
C) It does not change.
D) Quantity supplied is constant, but supply increases.
Correct Answer
verified
Correct Answer
verified
A) every physical good has a use.
B) when people want a good badly enough, they will find a way to pay for it.
C) the desire for a good is unrelated to its price.
D) the quantity of a good that people will buy is inversely related to the price of the good.
Correct Answer
verified
Correct Answer
verified
A) a rightward shift in the demand curve for orange juice.
B) an increase in the quantity demanded for orange juice.
C) a leftward shift in the demand curve for orange juice.
D) a decrease in the quantity demanded orange juice.
Correct Answer
verified
Correct Answer
verified
Showing 221 - 225 of 225
Related Exams