Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be:
A. $3.
B. $6.
C. $9.
D. $12.
Answer: D
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When total output, income, employment, and trade decline for 6 to 12 months, the economy is in what part of the business cycle?
What will be an ideal response?
The real bills doctrine was the guiding principle for the conduct of monetary policy during the
A) 1910s. B) 1940s. C) 1950s. D) 1960s.
The slope of the total revenue curve equals
a. marginal revenue, which equals price for a perfectly competitive firm b. marginal revenue, which is greater than price for a perfectly competitive firm c. marginal revenue, which is less than price for a perfectly competitive firm d. average revenue, which is greater than price for a perfectly competitive firm e. average revenue, which is less than price for a perfectly competitive firm
Consumer equilibrium exists when:
a. the marginal utility of each good and service consumed is equal. b. the total utility of each good and service consumed is equal. c. the marginal utility of each good and service consumed equals its price. d. ratio of marginal utility to price for all goods and services is equal.