Suppose we observe that the price of gasoline has been rising, even though the quantity of gasoline sold has been falling. We can conclude that
a. the law of supply does not hold for gasoline.
b. the law of demand does not hold for gasoline.
c. the demand for gasoline must have fallen.
d. the supply of gasoline must have fallen.
d. the supply of gasoline must have fallen.
Economics
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Money's most narrow definition is based on its function as a
A) store of value. B) standard of barter. C) unit of account. D) medium of exchange. E) standard of deferred payment.
Economics
What is the value marginal product of labor if: P = $10, MPL = $25, and APL = 40?
A. $10,000 B. $250 C. $400 D. $1,000
Economics