What relationship is shown by a demand curve?
What will be an ideal response?
The demand curve shows the relationship between price and quantity demanded. Since price and quantity demanded are inversely related, the demand curve is downward sloping.
Economics
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Of the following, who gains with a quota?
A) domestic buyers of the good or service B) the importer of the good or service C) the foreign exporter of the good or service D) the government of the importing nation E) the government of the exporting nation
Economics
For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?
A) Product X is a necessity. B) Product X is a luxury. C) Product X is an inferior good. D) Product X is a normal good.
Economics