The income and substitution effects account for:
A) the upward sloping supply curve.
B) the downward sloping demand curve.
C) movements along a given supply curve.
D) the "other things equal" assumption.
Correct Answer:
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Q33: When the price of a product falls,
Q34: The demand curve shows the relationship between:
A)money
Q35: Economists use the term "demand" as:
A)a particular
Q36: As a result of a decrease in
Q37: The law of demand states that:
A)price and
Q39: When the price of a product rises,
Q40: The horizontal axis of a graph which
Q41: By an "increase in demand" we mean:
A)that
Q42: When economists say that the demand for
Q43: An inferior good is:
A)one whose demand curve
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