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When economists say the supply of a product has decreased, they mean that

Ex-London School of Economics student Mick Jagger sang, “You can’t always get what you want, but if you try sometime, you just might find you can get what you need.” These lyrics indicate that:

The imposition of price ceilings on a market often results in

If the demand for a good is relatively elastic, this means that consumer purchases of the good are

An income tax is proportional if

The economic way of thinking is

A point inside the production possibilities curve represents a combination of goods that is

As a general rule, technological progress

Willingness to pay

Rational choice requires that opportunity cost be