Suppose John and Wayne are the only two demanders of cowboy movies. Each month, John buys six cowboy movies when the price is $10 each, and he buys four cowboy movies when the price is $15 each. Each month, Wayne buys four cowboy movies when the price is $10 each, and he buys two cowboy movies when the price is $15 each. Which of the following points is on the market demand curve?
a. quantity demanded = 2; price = $15
b. quantity demanded = 4; price = $25
c. quantity demanded = 10; price = $10
d. quantity demanded = 16; price = $25
c
You might also like to view...
Which of the following is a government response to asymmetric information?
A) product guarantees B) external product certification C) manufacturer's warranties D) government licensing
_____ had the highest level of per capita real output in 2012
a. Canada b. The United States c. Italy d. France e. Germany
Average total costs are minimized when:
A. marginal costs begin to increase. B. marginal costs begin to decrease. C. marginal cost is greater than average total cost. D. marginal cost equals average total cost.
Which of the following is true when a county is experiencing a trade deficit (NX < 0)?
A) Demand for domestic goods is equal to the domestic demand for goods. B) Demand for domestic goods is greater than the domestic demand for goods. C) Demand for domestic goods is less than the domestic demand for goods. D) A budget deficit exists.