The demand schedule is a description of the behavior of ________ in a market.
A. sellers
B. goods or services
C. buyers
D. labor
Answer: C
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Refer to Table 3-3. The table contains information about the sorghum market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of sorghum? b. Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $6 per bushel? e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 36,000 bushels of sorghum? g. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $14 per bushel? j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?
Government transfer payments include all of the following except
a. retirement benefits b. paid vacations c. veteran benefits d. disability payments e. subsidies to farmers
Keynes believed that saving is more responsive to changes in income than to changes in interest rates
Indicate whether the statement is true or false
Which of the following will most likely be an unanticipated economic change?
What will be an ideal response?