Suppose all prices increase by 10 percent in the year while the total sales of HDTVs remain constant. This is
A) a violation of the law of demand since fewer HDTVs should be purchased at a higher price.
B) a violation of the law of demand since more HDTVs should have been purchased with higher incomes.
C) not a violation of the law of demand since the relative price of HDTVs did not change.
D) not a violation of the law of demand since the law of demand does not apply to expensive goods like HDTVs.
C
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Differences in productivity can actually benefit society even when this results in increases in income inequality
Indicate whether the statement is true or false
In an hour, Andy can make either 5 pizzas or 12 pies and Chris can make either 6 pizzas or 18 pies. ________ advantage in making pizzas
A) Andy has an absolute B) Andy has a comparative C) Chris has a comparative D) None of the above answers is correct.