A demand curve:
A. shows the relationship between price and quantity supplied.
B. indicates the quantity demanded at each price in a series of prices.
C. shows the relationship between income and spending.
D. graphs as an upsloping line.
Answer: B
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Summarize the effects of a production quota on the market price and the quantity produced
What will be an ideal response?
When firms participate in group health insurance for all employees, it
A) raises rates for everyone, because it brings unhealthy people into the pool. B) raises rates for unhealthy people. C) may lower rates for all people to the extent that it keeps healthy people in the pool. D) prevents unhealthy people from "selecting out," to the detriment of healthy people. E) increases the amount of information available to insurers about the population.
The fundamental source of monopoly power is
a. many buyers and sellers. b. low fixed costs. c. rising average total costs. d. barriers to entry.
Money serves all of the following functions except:
A) medium of exchange. B) store of value. C) unit of account. D) measure of power.