The market demand curve
a. is found by vertically adding the individual demand curves.
b. slopes upward.
c. represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good.
d. represents the sum of the quantities demanded by all the buyers at each price of the good.
Ans: d. represents the sum of the quantities demanded by all the buyers at each price of the good.
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Under conditions of pure monopoly:
A. the firm is a price taker. B. there is no advertising. C. there are close substitutes. D. entry is blocked.
Answer the following statement(s) true (T) or false (F)
1. According to the textbook application, the automobile industry and the state of California worked together to solve the state’s urban smog problem. 2. Title IV of the 1990 Clean Air Act Amendments uses tradeable allowances to control sulfur dioxide emissions. 3. Under the Clean Air Act, the major groups of air pollutants being controlled are natural pollutants, hazardous air pollutants, and greenhouse gases. 4. In the United States, seven criteria pollutants have been identified through criteria documents. 5. Among the criteria pollutants identified in the United States is carbon dioxide.
If its exports are greater than its imports, then a country has a:
A. trade deficit. B. trade surplus. C. government budget surplus. D. government budget deficit.
Which of the following is a characteristic of capitalism?
A. equality of income B. government decision-making is preferred to decentralized decision-making C. market determination of prices and quantity D. government ownership of all capital