Market quantity demanded measures the amount of the product that people in the market want to buy
A. per unit time, such as a day or week.
B. if the sellers in the market force them to buy.
C. if the government subsidizes their purchase.
D. per person.
Answer: A
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Given the budget line in the above figure, which of the following combinations of pizza and milk are affordable?
A) 0 pizzas, 12 gallons of milk B) 2 pizzas, 2 gallons of milk C) 4 pizzas, 4 gallons of milk D) All of the above combinations are affordable.
A profit-maximizing monopolistically competitive firm will expand output to the point where:
a. total revenue equals total cost. b. marginal revenue equals marginal cost. c. price equals average total cost. d. price equals marginal cost.
The rules of the game refer to:
a. any factor that facilitates production and exchange, such as tax laws and property rights. b. a gradual but consistent change in the price level until a fair price is attained c. the set of election laws that ensure that all elections are fair. d. the rules that a firm must follow in order to earn a profit. e. the requirement that households must supply labor to firms.
If consumers reduced their spending, what would happen to the interest rate and investment?