If the quantity of a good exchanged decreased,
a. It would also increase the price if it was caused by a shift in demand.
b. It would also increase the price if it was caused by a shift in supply
c. It would always decrease the price as well.
d. None of the above would be true.
d
Economics
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To an economist, "value" is the same as
A) marginal cost. B) consumer surplus. C) the minimum price that people are willing to pay for another unit of the good. D) marginal benefit. E) total surplus.
Economics
A firm owned by two or more persons who each bear the responsibilities and unlimited liabilities of the firm is a(n)
a. corporation b. sole proprietorship c. organization that is disallowed under current IRS rules d. partnership e. multinational
Economics