Assume that the quantity consumed of pizza is dependent on three factors: the price of a pizza, the income of pizza purchasers, and consumers' taste for pizza
When graphing the relationship between the price of a pizza and the quantity of pizza consumed A) the price of a pizza and the income of pizza consumers are the only variables that are allowed to change.
B) the price of pizza and quantity consumed of pizza are the only variables that are allowed to change.
C) consumers' taste for pizza and the income of pizza purchasers are the only variables that are allowed to change.
D) None of the above answers are correct.
B
You might also like to view...
What is the law of diminishing returns? Why is this proposition called a "law"?
What will be an ideal response?
You hire a set of economic consultants and they tell you the following: At a price of $5, 24 units of the good could be sold; at a price of $7, 25 units of output could be sold. The marginal revenue of the 25th unit of output is
a. $14 b. $55 c. $6 d. $168 e. $175
Which of the following is not a determinant of the demand:
Select one: a. Income b. Price c. Technology d. Beliefs and traditions
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing marginal returns set in with the addition of the:
A. third worker. B. fourth worker. C. fifth worker. D. sixth worker.