When the price of a good increases, the quantity demanded of loanable funds ______. When the interest rate increases, the quantity demanded of loanable funds ______. When the interest rate increases, the quantity supplied of loanable funds ______
a. decreases, decreases, decreases
b. increases, decreases, decreases
c. increases, decreases, increases
d. decreases, increases, increases
e. increases, increases, increases
C
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Perfect competition is efficient because all the following conditions hold except ________
A. total product is maximized B. firms maximize profit and produce on their supply curves C. consumers get a real bargain and pay a price below the value of the good D. firms minimize their average total cost of producing the good
People view alcohol and marijuana as perfect substitutes. This means that
A) individuals will consume either alcohol or marijuana, but not both, regardless of price. B) as the price of alcohol decreases, marijuana use decreases. C) the marginal utility for alcohol and marijuana is constant. D) Both B and C.