The "law of demand" indicates that if SIUC increases the price of tuition, all other things remaining the same Question 29 options:
A. the quantity of classes demanded will decrease at SIUC
B. the demand for classes will decrease at SIUC
C. the demand for classes will increase at SIUC
D. the quantity of classes demanded will increase at SIUC
A. the quantity of classes demanded will decrease at SIUC
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According to the possible trade-off example between warships and drinking water in the text, the policy question that should be considered in Malaysia is
A) do the real costs of the warships exceed their nominal costs? B) do the opportunity costs of the warships exceed their nominal costs? C) do the benefits of the warships exceed their opportunity costs? D) do the nominal costs of the warships exceed their real costs?
For a normal good, the substitution and income effects of a price decrease work in the same direction to increase the quantity demanded of that good
a. True b. False