The term consumer sovereignty means that:
A. Government is responsible for protecting consumers' interests
B. What is produced is ultimately determined by what consumers buy
C. There are no limits on what consumers may buy in a market system
D. Producers have strong control over what consumers buy
Answer: B
Economics
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As we move downward and to the right along a linear, downward-sloping demand curve,
a. both slope and elasticity remain constant. b. slope changes but elasticity remains constant. c. both slope and elasticity change. d. slope remains constant but elasticity changes.
Economics
If the dollar used to buy 120 yen and now buys 100 yen, there has been
A. depreciation of the yen. B. appreciation of the dollar. C. a decrease in the demand for yen. D. depreciation of the dollar.
Economics