According to the law of demand, consumers will
A) change their production plans when the price of a good changes.
B) change their consumption plans when the price of a good changes.
C) change their demand when the price of a good changes.
D) increase their quantity demanded when the price of a good increases.
E) decrease their quantity demanded when the price of a good decreases.
B
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Refer to Figure 10.1. If Daisy does not contribute to the lighting, Luke should
A) contribute if Bo contributes. B) not contribute only if Bo does not contribute. C) not contribute regardless of what Bo decides to do. D) contribute if Bo does not contribute.
An explanation for why the short-run aggregate supply curve is upward-sloping is because:
A. ?the quantity of real output supplied is inversely related to the aggregate supply curve. B. ?nominal incomes are fixed. C. ?the capital-output ratio is fixed. D. ?an increase in price will increase the marginal aggregate output.?