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Demand curves have a negative slope because Select one: a. firms tend to produce less of a good that is more costly to produce. Incorrect b. the substitution effect always leads consumers to substitute higher quality goods for lower quality goods. c. the substitution effect always causes consumers to try to substitute away from the consumption of a commodity when the commodity's price rises. d. an increase in price reduces real income and the income effect always causes consumers to reduce consumption of a commodity when income falls.
Carefully explain, using graphs, the effects of the following shocks on rst period aggregate supply and aggregate demand in our two period macro model. For each shock, what happens to rst period consumption, rst period investment, rst period employme..
If an individual’s labor supply curve is backward bending then leisure is an inferior good (i.e., a backward bending supply curve means downward sloping for some values of the wage).
Define Capitalism as it relates to the U. S. as an economic system. What are pros and cons of a Capitalistic economic system such as the U. S.
Many television shows, movies, and songs can be downloaded for free on the Internet. Much of this material is copyrighted and was expensive to produce. Much of it is available for a fee through a legitimate site. Should you pay to download an episode..
Smith has been trying to sell his house for 6 months although so far there are no purchasers. Draw the market for Smith's house.
q1. a. why does an exporter face a foreign exchange risk? how can the exporter hedge its foreign exchange risk?b. what
Consider a decisionmaker who is choosing how many apples to buy. His choice set is {0, 1, 2, 3, 4, 5, 6} (the store has only 5 apples). (a) Suppose the decisionmaker always wants as many apples as possible. Find a utility function that represents thi..
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
Using our best data-based guesses about real-world elasticity, the demand for loanable funds curve is probably rather ______________ and the effects of crowding out are likely to be ___________. The theory of Ricardian equivalence
When price level increases it reduces the purchasing power of our income. What is the impact of inflation on savings and interest rates?
Under the modern traditional theory the sovereign may nationalize foreign-owned property only where:
The United States currently imports all of its coffee. The annual demand for coffee by U.S. consumers is given by the demand curve Q = 25010P . World producers can harvest and ship coffee to U.S. distributors at a constant marginal cost of $8 per pou..
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