Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C.
If the good shown on the graphs is a private good, then at a price of $4, market demand is ________ units.
A. 5
B. 30
C. 60
D. 10
Answer: C
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The measure used to determine whether two products are complements or substitutes is called the
A) price elasticity of supply. B) cross elasticity of demand. C) price elasticity of demand. D) income elasticity. E) substitute elasticity of demand.
The Consumer Price Index measures
A) the average of raw material prices paid by producing firms. B) the level of prices with respect to goods and services purchased by a typical consumer in urban areas. C) the average of the prices of all goods produced in a country and goods imported from other countries. D) hourly wage rates of manufacturing workers.
_____ includes products that can be transported over telephone and computer networks at ever-lower costs
a. Digital information b. Analog information c. Strategic information d. Primary information
If a firm has an average total cost of $55 and an average fixed cost of $10 for producing 5 units of output, then the total variable cost will be:
a. $550. b. $525. c. $225. d. $65.