What a consumer actually pays for a good is known as the ______.
a. price ceiling
b. market price
c. price floor
d. deadweight price
b. market price
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By changing the amount of income a consumer has to spend, a change in the price of one good may affect the quantity demanded of another good
a. True b. False Indicate whether the statement is true or false
In monopolistic competition, firms do not have to produce innovative products because they have downward-sloping demand curves
Indicate whether the statement is true or false
Carmelita can perform either a combination of 35 manicures and 70 pedicures or a combination of 50 manicures and 45 pedicures. If she now performs 35 manicures and 70 pedicures, what is the opportunity cost of performing an additional 15 manicures?
A) 5 pedicures B) 20 pedicures C) 25 pedicures D) 45 pedicures
Suppose it is discovered that consumption of butter leads to a longer life. This information would lead to
A) an increase in quantity demanded. B) an increase in demand. C) a decrease in quantity demanded. D) a decrease in demand.