An aggregate demand curve shows how
B. the amount of aggregate national production demanded varies with the price level.
C. the demand for a particular product, such as bread, varies with the price of bread.
D. None of the choices are correct.
B. the amount of aggregate national production demanded varies with the price level.
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The law of diminishing marginal utility holds that at some point consumption of additional units of a commodity adds less to total utility.
Answer the following statement true (T) or false (F)
The figure above shows Clara's demand for CDs. At a price of $20 for a CD, the value of Clara's total consumer surplus for all the CDs she buys is
A) $40. B) $30. C) $20. D) $4.
Land, labor, and capital are bought and sold in the product market.
Answer the following statement true (T) or false (F)
Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be
A. $1. B. $4. C. $10. D. $40.