According to the law of supply price and quantity move?

A factor that most directly affects the demand for automobiles is the individual tastes and preferences of buyers. the cost of raw materials and natural resources. the availability of workers in automobile factories. a company's ability to respond to buyers' interest.

According to the law of supply, as price increases, __________ rises.

Select all the correct answers. Which statements are true according to the law of demand?

a. An increase in supply leads to an increase in demand.

b. A decrease in supply leads to a decrease in demand.

c. An increase in price leads to a decrease in quantity demanded.

d. A decrease in price leads to an increase in quantity demanded.

e. An increase in price leads to an increase in demand.

After widespread press reports about the dangers of contracting "mad cow disease" by consuming beef from Canada, the likely economic effect on the U.S. demand curve for beef from Canada is:

A) no change; only the supply curve for beef is likely to be affected.

B) a shift of the demand curve for beef to the left

C) a movement down along the demand curve for beef to the right.

D) a shift of the demand curve for beef to the right.

A(n)_____ is a reward or punishment that encourages people to behave in certain ways.

According to the Law of Supply, what will happen to the number of products a firm offers for sale when prices go down? What will happen if the cost of production increases while prices remain the same?

According to the Law of Supply, what will happen to the number of products a firm offers for sale when prices go down? What will happen to the cost of additional units of production when a firm starts having diminishing returns? What will happen to the number of products a firm will offer for sale if its cost of production increases while prices remain the same?

When a firm will supply a higher quantity at any given price for its output, and the supply curve will shift to the right.

a) prices rise

b) costs of production fall

c) there is a population increase

If marginal revenue slopes​ downward, which of the following is​ true?

A. The firm must increase its price to sell a larger quantity.

B. The firm is unable to adjust the price when the quantity sold changes.

C. The firm must decrease its price to sell a larger quantity.

D. The firm must decrease its price if it wants to continue selling the same quantity.

An entrepreneur who opens a franchise must

A. Assume debts.

B. Keep profits.

C. Offer training.

D. Select sites.

The general pattern that consumption of the first few units of any good tends to bring a higher level of ______________ to a person than consumption of later units is a common pattern.

A. utility

B. marginal benefit

C. opportunity cost

D. sunk costs

In a mixed market economy property owned by the government? A) can be used by many citizens. B) can cause economic inequality. C) can help promote personal wealth. D) can be used for private business.

The model that economists use for illustrating the process of individual choice in a situation of scarcity is the , sometimes also called the opportunity set, a diagram which shows what choices are possible

A. consumption set

B. budget constraint

C. original budget

D. income cap