This topic contains a solution. Click here to go to the answer

Author Question: John believes that when the price of a good increases people will purchase more of the good. This ... (Read 260 times)

BRWH

  • Hero Member
  • *****
  • Posts: 553
John believes that when the price of a good increases people will purchase more of the good. This statement is
 
  A) consistent with the law of demand.
  B) inconsistent with the law of demand.
  C) referring to money prices.
  D) consistent with the law of supply.

Question 2

In a market system, how are the price signals established?
 
  A) Consumer advocacy groups establish fair prices for items, and most firms follow these pricing guidelines because they don't want to anger their consumers.
  B) Industry associations establish an acceptable price range for each commodity sold within the industry, and member firms are obligated to abide by association guidelines.
  C) The forces underlying supply and demand interact to determine a market clearing price.
  D) Federal legislation establishes maximum prices for most goods, and state governments regulate the prices of any remaining items.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

zhanghao

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

B

Answer to Question 2

C




BRWH

  • Member
  • Posts: 553
Reply 2 on: Jun 29, 2018
:D TYSM


DylanD1323

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Gracias!

 

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

For a complete list of videos, visit our video library