Which of the following decrease demand for any good or service?
A. Falling incomes and the product is a normal good.
B. A decrease in the price of a substitute good.
C. Consumer expectations that either prices or income will rise in the future.
D. An increase in the number of buyers.
E. An unfavorable change in consumer tastes.
Answer:
A. Falling incomes and the product is a normal good.
B. A decrease in the price of a substitute good.
E. An unfavorable change in consumer tastes.
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Suppose that Canada can produce 15 units of timber or 3 units of grain. Suppose that Mexico can produce 6 units of timber or 2 units of grain. Which of the following is CORRECT?
A) Mexico has a comparative advantage in grain production. B) Mexico has an absolute advantage in timber production. C) Canada has a comparative advantage in grain production. D) The countries would find trade mutually beneficial at a trading ratio of 1 grain for 2 timber.
Which of the following is illegal in the United States?
A. Right-to-work laws B. Operating a closed shop C. Collecting bargaining D. Operating a union shop