Economics Part Four Online Test

A "Giffen good" is defined as one for which:

If diminishing marginal utility holds, and a person consumes less of a good, then all else being


According the law of diminishing returns:

The concept of a risk premium applies to a person that is:

When drawing demand and supply curves, economists are assuming that the primary influence

on production and purchasing decisions is:

Assume that the government sets a ceiling on the interest rate that banks charge on loans. If

the ceiling is set below the market equilibrium interest rate, the result will be:

The substitution effect of a price decrease for a good with a normal indifference curve pattern

A schedule which shows the various amounts of a product consumers are willing and able to

purchase at each price in a series of possible prices during a specified period of time is called:

If marginal product is above the average product:

Price floor results in:


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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