What is the relationship between individual demand and market demand?
What will be an ideal response?
The market demand equals the sum of the individual quantities demanded by all the demanders at each price. Therefore the market demand curve equals the horizontal sum of the individual demand curves.
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Why are U.S. government securities referred to as a bank's secondary reserves?
A) Their current market value may count toward meeting a bank's legal reserve requirements. B) They are very liquid. C) Banks are legally required to hold a certain minimum amount of these securities. D) They are the same thing as vault cash.
Approaching income redistribution by taking from the rich and giving to the poor is often referred to as the ______.
a. principle of diminishing utility b. Lorenz Curve c. Gini Coefficient d. Robin Hood approach
Price always tends toward its ______________ level.
Fill in the blank(s) with the appropriate word(s).
If the number of people with the skills necessary to perform a job increases, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right