The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A) consumer income.
B) the price of the good concerned in the law of demand.
C) the prices of substitutes.
D) tastes and preferences.
B
Economics
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A good that is rival in consumption is one that someone can be prevented from using if she did not pay for it
a. True b. False Indicate whether the statement is true or false
Economics
A firm seeking to maximize economic profits should produce at the output at which
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) average revenue equals average cost. D) marginal revenue equals average revenue.
Economics