What is a market demand curve?
a. a table showing how much of a product an individual is willing and able to buy
b. a table showing how much of a product a market is willing and able to buy
c. a graph showing how much of a product an individual is willing and able to buy
d. a graph showing how much of a product a market is willing and able to buy
Answer: d. a graph showing how much of a product a market is willing and able to buy
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The theory that regulation helps producers to maximize profit is the
A) social interest theory. B) consumer surplus theory. C) antitrust theory. D) capture theory. E) oligopoly theory of regulatory bodies.
With price on the vertical axis and quantity on the horizontal axis, economists would draw an increase in supply as
A) a leftward shift in the supply curve. B) a rightward shift in the supply curve. C) a vertical supply curve. D) any which way we like.
Inferior goods will experience increasing demand when incomes increase.
Answer the following statement true (T) or false (F)
If the price elasticity is 1.50 for the demand of vanilla lattes, then if the seller raises price by 10 percent, then quantity demanded for the product will
A. rise by 15 percent. B. fall by 15 percent. C. fall by 1.5 percent. D. fall by 67 percent.