The market demand curve
A. is the vertical summation of the demand curves of all the consumers in the market.
B. shows how much all consumers demand at various prices.
C. is quite complex to construct, given the demand curves of the individual consumers.
D. all of the above
Answer: B
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Which of the following best illustrates the concept of "derived demand"? a. An increase in the wages of autoworkers leads to an increase in the demand for robots in automobile factories. b. An auto firm decides to supply more minivans when there is a decrease in the demand for station wagons. c. An increase in the price of gasoline leads to an increase in the demand for small cars
d. An automobile firm faces an increase in the demand for cars it supplies to the market, which leads to an increase in the demand for autoworkers.
The traders in the foreign exchange market need to interact personally while exchanging currencies
a. True b. False Indicate whether the statement is true or false
Suppose that households became mistrustful of the banking system and decide to decrease their checking account balances and increase their holdings of currency. Using the money demand and money supply model and assuming everything else is held constant,
the equilibrium interest rate should A) increase. B) decrease. C) not change. D) increase, then decrease.
________ has been the primary system for determining exchange rates since 1971.
A. The Bretton Woods system B. A managed floating system C. The gold standard D. A freely floating system