The fact that when the price of a good goes up, people buy less of it is known as the

A government deficit occurs when

A) the government spends more than what it gets in taxes. B) public goods are worth less than what was paid for them. C) a government loses an election. D) the government still has Treasury bonds to reimburse.

According to the cost disease of the personal services, service activities that require direct personal contact

a. tend to fall in price relative to other goods and services. b. tend to rise in price relative to other goods and services. c. follow price patterns similar to other goods and services. d. tend to move up and down in price ignoring the rest of the market.