A demand curve shows the graphical relationship between quantity demanded and:
a. quantity produced
b. demand
c. price.
d. costs.
Ans: c. price.
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The theory of PPP suggests that if one country's price level falls relative to another's, its currency should
A) depreciate. B) appreciate. C) float. D) do none of the above.
According to the Keynesian view, an increase in the money supply will cause interest rates to rise, causing levels of investment to fall
Indicate whether the statement is true or false
If you paid $100 for a truckload of cabbage on Monday, how much should you be willing to sell it for on Friday, the day before it spoils?
a. $100 b. $100 plus normal accounting profit c. $50 because it has lost value since Monday d. whatever you can get for it
The demand for a resource is generally more
a. elastic in the short run because it takes time to alter the ratio of resources used in many production processes. b. inelastic in the short run because it takes time to alter the ratio of resources used in many production processes. c. elastic in the short run because an increase in the price of the resource may not be expected to last. d. inelastic in the short run because once resource suppliers find out they can charge a higher price, they will do so in the long run.