A market demand curve is found by
A. taking the demand curve of the "representative" consumer.
B. adding the prices and the quantities demanded by a consumer.
C. adding the quantities demanded for each individual consumer at each price.
D. adding the prices each consumer would pay for each quantity.
Answer: C
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If the price level is 2, real GDP is $50 billion, and the quantity of money is $4 billion, then velocity is
A) 8. B) 4. C) 10. D) 25. E) 12.5.
When you arrive at Olive Garden with your date, you have to wait 25 minutes for a table. Olive Garden is allocating tables using which method?
A) market price B) first-come, first-served C) command D) personal characteristics E) sharing equally
Through product differentiation, firms attempt to increase the
A. demands for their products, while making its demand less elastic. B. supply of elasticities of competing products. C. price-elasticity of demand for their products. D. marginal costs of their competitors' production.
Refer to the provided graph of a competitive market. If the output level is Q1, then there are efficiency losses indicated by the area
What will be an ideal response?