By summing the quantities demanded by individuals at each price we obtain the
A) equilibrium price.
B) market demand curve.
C) market supply curve.
D) individual demand curve.
Answer: B
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In the above figure, the firm is incurring an economic loss at
A) point a. B) point c. C) points b and d. D) points a, b, and d.
Exhibit 1A-4 Straight line
Straight line A-D in Exhibit 1A-4 shows that:
A. as the X value increases by 80, the Y value increases by 40 so the slope is 2. B. as the Y value increases by 40, the X value increases by 80 so the slope is 1/2. C. increasing values for X do not affect the value of Y. D. increasing values for Y do not affect the value of X.
Mutual recognition of standards refers to
A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize.
If price were $14, there would be a (shortage or surplus) _____ of _____.
