Holding everything else constant, an increase in the price of MP3 players will result in
a decrease in the quantity of MP3 players demanded.
In economics, choices must be made because we live in a world of
One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
the price of the good changes.
The production possibilities frontier model assumes all of the following except...
a. labor, capital, land and natural resources are fixed in quantity. b. the economy produces only two products. c. any level of the two products that the economy produces is currently possible. d. the level of technology is fixed and unchanging.
c. any level of the two products that the economy produces is currently possible.
Productive efficiency is achieved when
firms produce goods and services at the lowest cost.
If the price of milk was $2.50 a gallon and it is now $3.25 a gallon, what is the percentage change in price?