The demand curve for a product shows the quantity that
a. sellers are willing to sell at a particular price.
b. buyers are willing and able to purchase at various prices
c. buyers purchase in the market
d. buyers are able to purchase at a particular price.
Answer: b. buyers are willing and able to purchase at various prices
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Indicate whether the statement is true or false
Sugar can be refined from sugar beets. When the price of those beets falls,
A) the demand curve for sugar would shift right. B) the demand curve for sugar would shift left. C) the supply curve for sugar would shift right. D) the supply curve for sugar would shift left.
A movie producer has to decide to fund a new movie project. For this project, a success would earn $20 million and a failure would cost $60 million in lost profits. At what probability of expected success should he fund the movie?
a. 0.20 b. 0.25 c. 0.50 d. 0.75
A U-shaped long-run average cost curve indicates that
A) economies of scale follow diseconomies of scale. B) diseconomies of scale follow economies of scale C) economies of scale and economies of scope are the same. D) economies of scale dominate diseconomies of scale over all levels of production.