A market demand curve is
a. the sum of the demand curves of individuals in a market
b. the sum of individuals who make demands
c. horizontal at the market price
d. vertical at the market price
e. upward sloping
A
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A tax that causes the price that producers receive for a commodity to deviate from the buyer's price is
A. an unit tax. B. a compensated tax. C. an income tax. D. a price-distorting tax.
_______________ —a term referring to the government practice of enacting laws to regulate prices instead of letting market forces determine prices.
a. Price ceiling b. Price floor c. Price control d. Subsidies
The logical foundation of ________________, which show a connection between prices and quantity wanted, is that people seek utility.
a. demand curves b. budget constraint lines c. labor supply curve d. utility curves
The national debt
A) is the sum of all past federal deficits plus any surpluses. B) grows when the government runs a deficit. C) grows when government spending increases. D) is a major problem facing the U.S. government.