Business, 01.05.2021 21:00 TordtheMan982

When a price changes, consumers have an incentive to consume less of the good with a relatively higher price and more of the good with a relatively lower price. What is this an explanation for? A) Demand Effect

B) Supply Effect

C) Income Effect

D) Substitution Effect

Question 37 (1 point)
A higher price means that, in effect, the buying power of income has been reduced, even though actual income has not changed. What is this the explanation for?

A) Income Effect

B) Supply Effect

C) Substitution Effect

D) Demand Effect

Question 38 (1 point)
If Australia holds an absolute advantage in didgeridoos and Japan holds an absolute advantage in katana blades, both countries could be made better off if they specialize in those respective goods and trade.

True
False
Question 39 (1 point)

We must learn to ignore sunk costs when making decisions.
True
False

Question 40 (1 point)

Allocative efficiency takes place at every point along the production possibilities frontier.

True
False

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:00

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

Answers: 3

Answer

Business, 22.06.2019 12:50

Suppose the real risk-free rate and inflation rate are expected to remain at their current levels throughout the foreseeable future. consider all factors that affect the yield curve. then identify which of the following shapes that the u.s. treasury yield curve can take. check all that apply.

Answers: 2

Answer

Business, 22.06.2019 19:40

An increase in the market price of men's haircuts, from $16 per haircut to $26 per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 20 to 25. when the $26 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 40 haircuts per day. what is the short-run price elasticity of supply? nothing (your answer should have two decimal places.) what is the long-run price elasticity of supply? nothing (your answer should have two decimal places.)

Answers: 1

Answer

Business, 23.06.2019 09:00

The average cost of one year at a private college in 2012-2013 is $43,289. the average grant aid received by a student at a private college in 2012-2013 is $15,680.what is the average student contribution for one year at a private college in 2012-2013?

Answers: 2

Answer

You know the right answer?

When a price changes, consumers have an incentive to consume less of the good with a relatively high...

Questions