Which of the following is not an example of the law of supply?
(A) A furniture manufacturer raises the price and increases the number of sofas it produces.
(B) More consumers are buying sofas than ever before.
(C) A furniture store raises the price of its sofas since they can sell more.
(D) A competitor produces more sofas after the price is raised.
Ans: (B) More consumers are buying sofas than ever before.
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Which of the following statements is true?
A) It is easier for a person to optimize when he has less information. B) Optimization implies choosing the best option from a set of alternatives. C) People always successfully optimize given the limited information they have. D) Optimization is an easy process, and all economic agents are perfect optimizers.
A GDP price chain price index number of 120.0 for a given year indicates that prices in that year are 20 percent higher than prices in the base year
a. True b. False Indicate whether the statement is true or false