The ______ shows the relationship between the price of the good and the quantity a single consumer is willing and able to buy.
a. individual supply curve
b. individual demand schedule
c. individual cost curve.
d. individual equilibrium schedule
b. individual demand schedule
You might also like to view...
In a perfectly competitive market, because an individual seller tends to sell only a fraction of the total amount of the good produced:
A) he can independently determine the market price. B) he can charge prices above the equilibrium price. C) his individual choices do not affect market outcomes. D) he always earns positive profit.
In monopolistic competition, profits well in excess of costs are unlikely because _____.
(A) Customers always return to the product that is least expensive, even if the quality of that product is much lower. (B) Established rivals and new firms would lure customers away with slightly different and/or cheaper products. (C) Excess output can be maintained only for short periods. (D) Nonprice competition only works for the short term.
The oversimplified formula for the multiplier yields a number that is too large due to the exclusion of
A. variable imports. B. changes in the price-level. C. income taxes. D. all of the above.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. What is the total burden of the tax?
A. $2 B. $18 C. $32 D. $50