After downing three glasses of lemonade on a hot summer afternoon, Todd says, "You would have to pay me to drink another glass!" This statement best illustrates
a. the law of demand.
b. the substitutability among goods.
c. the law of diminishing marginal utility.
d. that chocolate candy bars are an inferior good.
C
Economics
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When there is only one buyer in the market
A) a closed shop exists. B) a monopsony exists. C) then the market will be perfectly competitive. D) the supply curve for the good will be perfectly elastic.
Economics
We can conclude that there has been inflation since the base year if the GDP price index in the current year is _____
a. 10 b. equal to zero c. 20 d. greater than 100 e. negative
Economics