The demand curve of a commodity slopes downward because of:
a. the insatiable nature of human wants.
b. the presence of double coincidence of wants.
c. the law of demand.
d. the scarcity of goods and services in an economy.
e. the law of diminishing marginal utility.
c
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The marginal revenue product of a resource
a. is defined as the marginal product of the resource multiplied by the resource price. b. simply means that a firm should add to its capital stock as long as competition requires it. c. equals the extra output produced by an additional unit of the resource multiplied by the marginal revenue per unit of that output. d. equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.
When a country suffers from capital flight, the exchange rate
a. depreciates, because demand in the market for foreign-currency exchange shifts left. b. depreciates, because supply in the market for foreign-currency exchange shifts right. c. appreciates, because demand in the market for foreign-currency exchange shifts right. d. appreciates, because supply in the market for foreign-currency exchange shifts left.