Using the above graph, which of the following statements is FALSE relating to the Law of Demand?
During the 18th Century, as troubles with Britain escalated, American colonists stopped drinking British tea, and instead started drinking coffee.
This is an example of which factor of demand?
Why does a supply curve slope upward?
Which of the following causes a shift in supply to the left?
Kate is willing to pay $12,000 a year in college tuition, but the market price for the courses she wants to take is only $8,000 a year.
Her consumer surplus will be _________ over the course of one year.