Economics assumes that people consume goods and services to achieve ?

Related Mcqs:

The law of demand implies that ?

A. as prices rise, demand decrease B. as prices fall, quantity demanded increase C. as prices fall demand increases D. as prices rise, quantity demanded increases...

A contraction in supply occurs when ?

A. Demand shifts outwards B. The supply curve shifts inwards C. The quantity supplied falls when the price falls D. The supply curve shifts outwards...

The income effect of a price increase of a normal good is to ________ of that good and the substitution effect is to _________ of that good?

A. increase quantity demanded, reduce quantity demanded B. increase quantity demanded, increases quantity demanded C. reduce quantity demanded, reduce quantity demanded D. reduce quantity demanded, increase quantity demanded...

An increase in price all other things unchanged leads to ?

A. Shift demand outwards B. Shift demand inwards C. A contractions of demand D. An extension of demand...

The price elasticity of supply is +4 The price increases by 15% sales were originally 200 units What will they be now ?

A. 80 units B. 320 units C. 60 units D. 120 units...