The demand curve is a representation of the relationship between the quantity of a product demanded and:
a. Wealth
b. Income
c. Price
d. Supply
c. Price
You might also like to view...
The income effect explains why there is a direct relationship between the price of a product and the quantity of the product demanded
Indicate whether the statement is true or false
The law of demand states that
A) people demand less at lower prices. B) the quantity demanded is directly related to price. C) the quantity demanded is inversely related to price. D) changes in price and changes in quantity demanded move in the same direction.
Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 190. What does this "190" mean?
A) What cost $100 in 1982 on average cost 190 times as much in 2014. B) What cost $100 in 1982 on average cost $190 in 2014. C) What cost $100 in 1982 on average cost 0.19 times as much in 2014 (that is, it cost $19 in 2014). D) What cost $100 in 1982 on average cost $19 more in 2014.
Explain how it is possible for a country to consume a greater quantity of goods and services than it is actually capable of producing.
What will be an ideal response?