The demand curve shows graphically how much consumers
A. purchased at different prices over time.
B. purchase at different prices in different periods.
C. are willing and able to buy over a range of prices during a particular period.
D. are willing and able to buy over a range of prices in over time.
Answer: C
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Of the following, which is not an economic rationale for public utility regulation?
a. production process exhibiting increasing returns to scale b. constant cost industry c. avoidance of duplication of facilities d. protection of consumers from price discrimination e. none of the above
Accounting profit minus implicit costs equals:
A. total revenues. B. fixed costs. C. explicit costs. D. economic profit.
The statement, "John buys more of good X as his income increases, Ceteris paribus," means:
A. John's income is being held constant. B. John's purchases of good X are being held constant. C. John's income and purchases of this good are being held constant. D. the price of good X is being held constant.
If the cross-price elasticity of demand between shrimp and oysters is 4, then a 2% decrease in the price of shrimp will result in a(n) ________ in the quantity of oysters demanded.
A. 4% decrease B. 0.5% decrease C. 2% increase D. 8% decrease