Based on the law of demand, what would you expect to happen if the price of gasoline were to rise to $8.00 per gallon?
A. There would be no impact on demand or supply.
B. The quantity supplied would increase. .
C. The quantity demanded would increase.
D. The quantity demanded would decrease.
Answer: D
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The Arrow impossibility theorem explains
A) why government regulation of private markets will always result in a reduction in economic efficiency in these markets. B) why voters are always rationally ignorant. C) why there is no system of voting that will consistently represent the underlying preferences of voters. D) why it is not possible to provide the economically efficient amount of any public good.
The closer the exchange price is to the valuation of the buyer, the greater the buyer's share of the economic value created by the exchange
Indicate whether the statement is true or false