A demand curve
a. has a positive slope; that is, when price increases, quantity demanded increases
b. depicts the negative relationship between price and quantity demanded; that is when price increases, quantity demanded falls
c. depicts what happens to demand when supply changes
d. depicts what happens to supply when demand changes
e. illustrates that price and quantity demanded cannot change at the same time
B
You might also like to view...
Define "stagflation" and explain how it can be created
What will be an ideal response?
The supply curve for watches
A) is downward sloping. B) shows the relationship between the quantity of watches firms are willing and able to supply and the quantity of watches consumers are willing and able to purchase. C) shows the supply of watches consumers are willing and able to buy at any given price. D) shows the relationship between the price of watches and the quantity of watches supplied.
Donnie's Donuts incurs $450,000 per year in explicit costs and $200,000 in implicit costs. The bakery earns $800,000 in revenues and has $2 million in net worth. Based on this information, what is the economic profit for Donnie's Donuts?
A) $150,000 B) $350,000 C) $600,000 D) $1.2 million
Economists assume simply that tastes are given and are relatively stable
Indicate whether the statement is true or false