This table shows individual demand schedules for a market.
According to the table shown, what can be said of Betty and Barney's demand for this good?
A. Betty's and Barney's demand both follow the law of demand.
B. Barney's demand follows the law of demand, but Betty's does not.
C. Betty's demand follows the law of demand, but Barney's does not.
D. Neither Betty's nor Barney's demand follows the law of demand.
A. Betty's and Barney's demand both follow the law of demand.
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Mike should specialize in producing
A. cars. B. neither cheese nor cars. C. both cheese and cars. D. cheese.
Consumption goods
A) include spending on machines and buildings so that goods can be produced in the future. B) are goods that are used to make other goods. C) include goods such as DVDs that firms hold in inventory. D) are only the goods bought by households for immediate satisfaction.
A brand name is a type of
A) cost saving. B) buyback contract. C) monopoly power. D) entry requirement for a competitive market.
Which of the following will be increased during a contractionary monetary policy?
a. money supply b. the return to saving c. borrowing d. spending