Refer to Figure 10-1. When the price of hoagies increases from $5.00 to $5.75, quantity demanded decreases from Q1 to Q0. This change in quantity demanded is due to
A) the fact that marginal willingness to pay falls. B) the law of diminishing marginal utility.
C) the income and substitution effects. D) the price and output effects.
C
Economics
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A tariff is:
a. a duty that a company must pay its own government on exports. b. the price charged by one country to buyers of a good in another country. c. a price reduction designed to encourage international trade. d. a tax on an import.
Economics
The number of markets is
A. always changing. B. fixed. C. variable on a local basis, but fixed on a national basis. D. closed.
Economics