Who is most likely to be worried about high inflation?
(A) A retired couple on a fixed income
(B) A shopkeeper
(C) A doctor with a suburban practice
(D) A factory worker
Ans: (A) A retired couple on a fixed income
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Is the following quote correct? "Here's the law of demand in a nutshell: The higher the price, the lower the demand."
A) Yes, it is totally correct. B) No. It would be correct if it were to also say "other things constant." C) No, because it confuses demand and quantity demanded. D) No, because the law of demand does not apply to nutshells.
Which of the following is true under conditions of perfect competition?
A. The market demand curve is perfectly elastic. B. No single firm can influence the market price. C. There are differentiated products. D. Each individual firm has the ability to set its own price.