Which of the following is true for the law of demand?
A. Sellers increase the quantity of a good available as the price of the good increases.
B. An increase in price results from false needs.
C. There is an inverse relationship between the price of a good and the quantity of the good demanded.
D. Prices increase as more units of a product are demanded.
Answer: C
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The above table shows the total product schedule for Hair Today, a hair styling salon. Based on the table, the marginal product for Hair Today
A) never reaches a maximum. B) decreases after the 1st worker. C) reaches a maximum with the 4th worker. D) reaches a maximum with the 3rd worker. E) reaches a maximum with the 5th worker.
Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk,
A) the quantity supplied of milk exceeds the quantity demanded. B) the quantity supplied of milk falls short of the quantity demanded. C) the supply increases. D) the market will not be affected. E) there will be a shortage of milk.