According to the law of demand, the
A. quantity demanded of a good does not vary with price.
B. quantity demanded of a good varies directly with price.
C. quantity demanded of a good is negatively related to its price.
D. quantity demanded depends on the quantity supplied.
C. quantity demanded of a good is negatively related to its price.
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A country is strongly inward-oriented if exports are clearly discouraged by controls to isolate and protect the domestic market
a. True b. False Indicate whether the statement is true or false
When oligopolistic firms in an industry form a cartel, then it is most likely that
A) both industry output and prices will increase. B) both industry output and prices will decrease. C) industry output will increase while prices will decrease. D) industry output will decrease while prices will increase.