The law of demand implies that the demand curve
A) has a negative slope.
B) has a positive slope.
C) shifts to the right when the price of a good increases.
D) shifts to the left when the price of a good decreases.
Answer: A
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When moving along the production possibilities frontier, opportunity cost is measured as the
A) increase in the quantity produced of one good divided by the decrease in the quantity produced of another good. B) decrease in the quantity produced of one good divided by the increase in the quantity produced of another good. C) quantity produced of one good divided by the quantity produced of another good. D) quantity produced of one good multiplied by the quantity produced of another good.
If two steel firms merge, the merger is described as
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a vertical or conglomerate merger depending on whether the oligopoly is balanced or unbalanced e. either a vertical or conglomerate merger depending on the number of steel firms in the steel industry