The market demand for fish represents the
a. sum of all individual demands for fish
b. specific quantities consumers will buy, given the market-day supply
c. relationship between price and quantity of fish demanded by a consumer on the fish market
d. maximum quantity consumers will buy, given the limitations of their income
e. changing tastes of consumers
The market demand for fish represents the
a. sum of all individual demands for fish
You might also like to view...
Given the data in the above table, if income is $16, and the price is $1 for a bottle of water and $2 for a hamburger, what is the quantity of water and the quantity of hamburgers that will maximize the consumer's total utility?
A) 5 bottles of water and 5 hamburgers B) 4 bottles of water and 6 hamburgers C) 6 bottles of water and 5 hamburgers D) 6 bottles of water and 6 hamburgers
If producers incorrectly set the price of their product too low:
A. a shortage will result. B. a surplus will result. C. equilibrium will result. D. the industry will die out soon.
Excess capacity is
a. an example of the inefficiencies of monopolistically competitive markets. b. a short-run problem but not a long-run problem. c. a characteristic of rising average total cost curves. d. Both a and b are correct.
Which of the following is a cost of inflation?
a. shoeleather costs b. menu costs c. relative price variability d. All of the above are correct.