Economics Part Three Online Test

The production possibilities curve:


The demand for chicken is downward-sloping. Suddenly the price of chicken rises from $130

per kilo to $140 per kilo. This will cause:


Goods X and Y are complements while goods X and Z are substitutes. If the supply of good X

increases:


A nation's production possibilities curve is "bowed out" from the origin because:


You observe that the price of houses and the number of houses purchased both rise over the

course of the year. You conclude that


If consumer incomes increase, the demand for product Y:


If marginal product is below average product:


It is calculated as the percentage change in quantity demanded of a given good, with respect to

the percentage change in the price of "another" good.


A Demand Curve is price inelastic when:


A partial explanation for the inverse relationship between price and quantity demanded is that a:




















Description:

Description:""""""""""""""""""""""""""""""""""""""""''Economics, Microeconomics,Economics, Consumption, Indifference Curves, Indifference Map, Marginal Rate of Substitution, Properties of Indifference Curves, Price Line and Consumer’s Equilibrium"""""""""""""""""""""""

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