1.According to the LAW of DEMAND, buyersâ/consumersâ buying plans are related___________ to the price of the good itselfâ¦meaning, as prices increase, the quantity demanded __________.
(1) ___________
A.Positively; decreases
B.Inversely; increases
C.Inversely; decreases
D.Positively; increases
2.According to the LAW of SUPPLY, sellersâ/producersâ selling plans are related___________ to the price of the good itselfâ¦meaning, as prices increase, the quantity supplied __________.
(2) ___________
A.Positively; decreases
B.Inversely; increases
C.Inversely; decreases
D.Positively; increases
3.Economics is the study of how people, businesses & government decide who gets what in society when faced with _____________ - the idea that we have unlimited wants/desires yet have limited resources to fulfill said wants/desires.
(3) ___________
A.Scarcity
B.A mid-life crisis
C.Surpluses
D.None of the above
4.The optimization assumption suggests that people make:
(4) ___________
A.Irrational decisions
B.Unpredictable decisions
C.Decisions that make themselves as well off as possible
D.Decisions without thinking very hard