Multiple Choice
Suppose you observe that taxi fares per trip increased when more commuters took taxis.Which of the following is the best possible explanation?
A) The law of demand was violated.
B) The law of supply was violated.
C) The price of gasoline went up.
D) People were irrational.
E) Commuters did not have any choice.
Correct Answer:
Verified
Correct Answer:
Verified
Q62: When there is an increase in quantity
Q75: A supply schedule is a<br>A)table of prices
Q78: When a market equilibrium is achieved,<br>A)those who
Q106: The principle that producers sell more of
Q107: When consumers expect the price of a
Q117: The term quantity demanded refers to<br>A)that point
Q132: The law of supply states that<br>A)price and
Q139: In the case of a surplus,<br>A)there is
Q145: Suppose the price of beer fall in
Q146: For each of the following four sentences,determine