According to the law of demand, ceteris paribus,
A. The responsiveness of consumer demand to a change in the price of a good is measured by the price elasticity of demand.
B. A consumer will purchase more of a good at higher prices than at lower prices.
C. The quantity demanded increases at lower prices.
D. Price and quantity supplied are directly related.
Answer: C
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The United States can be called a net debtor nation. This means that
A) the value of U.S. assets held abroad is worth less than the value of foreign assets held in the U.S. B) the U.S. government owes more money than it takes in. C) the value of the U.S. currency is less than the value of currencies for our main trading partners. D) the U.S. manufactures more goods abroad than it manufactures domestically.