The water and diamonds paradox of value results from
A: the concept of deadweight loss.
B: the "law of demand."
C: diminishing marginal utility.
D: the elasticity of demand.
A: the concept of deadweight loss.
B: the "law of demand."
C: diminishing marginal utility.
D: the elasticity of demand.
举一反三
- The slope of the demand curve is not the same as the price elasticity of demand because the slope of a demand curve ( ) A: compares percentage changes in quantity demanded and price. B: compares absolute changes in quantity demanded and price. C: obeys the law of demand. D: is not constant when the demand curve is linear.
- In a commodity economy, the relationship among value, price, supply and demand is ( ) A: Prices are influenced by supply and demand and fluctuate around value B: Price is determined by value, reflecting value but not supply and demand C: Price is affected by value and changes with supply and demand D: Price is determined by value, reflecting value and supply and demand E: Price is determined by value, and affected by supply and demand. It also restricts supply and demand
- Factor markets are different from product markets in an important way because A: equilibrium is the exception, and not the rule, in factor markets. B: the demand for a factor of production is a derived demand C: the demand for a factor of production is likely to be upward sloping, in violation of the law of demand. D: All the answers are correct.
- Factor markets are different from product markets in an important way because A: equilibrium is the exception, and not the rule, in factor markets. B: the demand for a factor of production is a derived demand C: the demand for a factor of production is likely to be upward sloping, in violation of the law of demand. D: All of the above are correct.
- Today, people changed their expectations about the future. This change A: can cause a movement along a demand curve. B: can affect future demand, but not today’s demand. C: can affect today’s demand. D: cannot affect either today’s demand or future demand.