The law of demand states that the quantity demanded of a good and
a. the price of a substitute are positively related
b. its price are inversely related
c. its price are positively related if it is an inferior good
d. the wealth of buyers are positively related
e. its price are inversely related if it is a normal good
B
Economics
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Refer to the figure above. With the tariff, the government collects
A) $50,000. B) $60,000. C) $100,000. D) $220,000.
Economics
If a monopolist is producing at a point at which marginal revenue is greater than marginal cost, it should decrease the level of production
a. True b. False Indicate whether the statement is true or false
Economics