A variable is a factor that:
A) cannot be measured.
B) is not affected by changes in other factors.
C) is independent and cannot be determined.
D) takes different values at different points of time.
D
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As women's wages have risen relative to men's wages, the opportunity cost to women of doing housework has ________ than has the opportunity cost to men
A) increased more B) decreased less C) increased less D) decreased more
The law of demand assumes that as the price of a good increases,
a. people recognize that its price may be even higher in the future, so they buy now rather than later b. consumers tend to shift their purchases to relatively cheaper substitutes c. people will buy less of it in the hope that the good will be cheaper in the future d. the consumer's money income increases, and he or she is less able to buy all goods, including the good whose price has increased e. the consumer's money income decreases, and if the product is a normal good, more will be purchased