Demand curves are negatively sloped when people buy:
a. less as the price decreases.
b. more as the price increases.
c. the same amount as the price changes.
d. more as the price decreases.
e. less as incomes decrease.
d
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In the scenario above, which of the following actions will maximize the industry's economic profit?
A) Both firms comply with the agreement. B) Both firms cheat on the agreement, producing more than the agreed amount. C) One of the firms complies with the agreement while the other firm cheats, producing more than the agreed amount. D) Because the firms are colluding, the profit does not change regardless of whether the firms comply with agreement or cheat on the agreement.
Which of the following examples would be least likely to happen in a rent-controlled apartment?
a. The repair of a tile floor would be delayed for months. b. The tenants would be reluctant to move. c. A new toilet would be installed. d. The walls would require repainting.