What is the "quantity demanded"?
A) the amount of a good people desire
B) the amount of a good people are able and willing to buy during a specific time period and at a given price
C) the amount of a good people are able and willing to buy at all possible prices
D) the maximum amount of a good that can be consumed during a specific time period
E) the minimum amount of a good that people are willing to buy during a specific time period and at a given price
B
You might also like to view...
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary cannot make a mutually beneficial exchange. B. Joe and Mary will only trade if the equilibrium price is less than $1. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary will not trade in equilibrium.
Mobile source standards in the U.S. are solely benefit-based, which means they are set
a. to achieve allocative efficiency b. to maximize total social benefits c. at the point where MSB is maximized d. at the abatement level where MSC is zero e. none of the above
The function that shows the inverse relationship between planned consumption and investment spending and the real interest rate, all else constant, is called the:
A) interest-related expenditure function. B) aggregate expenditure function. C) consumption function. D) investment function.
The practice of price discrimination is associated with pure monopoly because:
A. it can be practiced whenever a firm's demand curve is downsloping. B. monopolists have considerable ability to control output and price. C. monopolists usually realize economies of scale. D. most monopolists sell differentiated products.