The vertical distance between the horizontal axis and any point on a perfect competitor's demand curve measures
A. product price, marginal revenue, and average revenue.
B. supply curve for the product.
C. total cost.
D. total revenues.
Answer: A
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Employment and (total) potential GDP increase if the
A) labor supply curve shifts rightward and the labor demand curve does not shift. B) labor demand curve shifts leftward more than the labor supply curve shifts rightward. C) labor demand curve shifts leftward and the labor supply curve does not shift. D) None of the above answers are correct.
A snowmobile rental shop asked its best customer how often he would rent at various rates. Which of the following will show the data on a graph?
a. individual demand schedule b. market demand schedule c. individual demand curve d. market demand curve
Sellers who conscientiously adhere to an agreement not to compete by lowering the price
What will be an ideal response?
Answer the following questions true (T) or false (F)
1. The Federal Reserve can combat an inflationary gap in the economy by buying government securities in the nation's capital markets. 2. An increase in aggregate demand in the normal range of the economy's aggregate supply curve will increase the general price level in the economy. 3. The goal of macroeconomic policy is to combat inflationary and recessionary gaps which exist in the nation's money market.