The demand function
A. does not include expectations.
B. describes how much of good X will be purchased at the alternative price of good X, given all the other variables being constant.
C. shows the relationship between the quantity demanded of X and variables other than its price.
D. recognizes that the quantity of a good consumed depends on its price and demand shifters.
Answer: D
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If the short run elasticity of demand for widgets is 0.7 and the long run elasticity of demand for widgets is 1.5, an increase in price will ____ total revenue in the short run and ____ total revenue in the long run. a. Increase; increase
b. Increase; decrease. c. Decrease; increase. d. Decrease; decrease.
An increase in which of the following will shift the economy's productivity (GDP/L) curve?
a. the quantity of laborers b. technology c. capital d. output e. consumption
In 2016, the face value of tickets to the Broadway musical Hamilton was
A) above the equilibrium price. B) below the equilibrium price. C) set exactly at the equilibrium price. D) lowered due to falling demand.
Economists usually assume that ________ is a fixed input in the ________ run.
A. labor; short B. capital; short C. capital; long D. labor; long