Each point on the demand curve indicates
a. the amount people want to buy at different income levels.
b. the quantity demanded at that price.
c. the amount that people need.
d. the demand for the product.
b. the quantity demanded at that price.
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In the figure above, Jill is producing at point A. Jill's opportunity cost producing one pair of pants is
A) 2 shirts per pair of pants. B) 3 shirts per pair of pants. C) 3/5 of a shirt per pair of pants. D) 5/3 of a shirt per pair of pants.
Refer to Figure 24-3. Suppose the economy is at point A. If government spending increases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D
In cases of natural monopoly, it is best to have only one firm producing all of the output in a market
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, an increase in the price of a good will cause the
a. quantity demanded of the good to increase. b. quantity supplied of the good to decrease. c. consumer surplus derived from the good to decrease. d. demand of the good to increase.