Log in
Economics
1
answer
0
watching
47
views

The law of demand is simply a reflection of the:
 
a. work of Alfred Marshall who formulated the law.
b. basic principle of economics: Incentives influence behavior in a predictable fashion.
c. production possibilities curve.
d. law of comparative advantage.

Watch
1
answer
0
watching
47
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Raushan Raj
Raushan RajLv8
21 Sep 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

true or false

Human and nonhuman resources are the inputs used to produce goods and services.

Since resources are scarce, society must make choices about what to produce.

Consumers decide what gets produced in Japan.

Microeconomics is the study of aggregate behavior in the economy.

The three basic questions in economics are who, what and why.

The law of demand states that the quantity demanded of any good is inversely related to its price.

- Define economics.

- Identify the central fact of economics and explain how it relates to the economic problem.

- Name the four economic resources and explain how they are used by the entrepreneur.

- Explain an example of a trade-off between efficiency and equity in the American economy.

- Explain and apply the concept of opportunity cost.

- Describe the concept of the production possibilities curve, and how it is used.

- Use graphs to explain the difference between absolute advantage and comparative advantage.

- Identify and explain the factors, which enable an economy to grow.

1. The law of comparative advantage says that:

A. whoever has an absolute advantage in producing a good also has a comparative advantage in producing that good.

B. whoever has a comparative advantage in producing a good also has an absolute advantage in producing that good

C. the individual with the lowest opportunity cost of producing a particular good should produce it

D. comparative advantage exists only when one person has an absolute advantage in the production of two goods

2. A country has an absolute advantage in the production of a good if that country:

A. can produce good using fewer resources than another country would require

B. has the lowest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

C. has the greatest opportunity cost of producing the good, regardless of whether it is produced with the fewest resources

D. has the lowest opportunity cost of producing the good and can produce it with the fewest resources

3. A production possibilities frontier can shift outward for all of the following reasons except:

A. a larger workforce

B. a decrease in the size of the labor force

C. an increase in the skills of the labor force

D. an improvement in technology

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in