The sum of the individual demands of all consumers in the market is called
a. individual demand
b. market demand
c. inferior good
d. market supply
e. quantity demanded
B
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In response to banks entering into the insurance business, insurance companies have started to supply ________ insurance
A) debt B) credit C) equity D) currency
Producer surplus:
a. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product. b. is illustrated by the area above the supply curve and below the market price. c. is maximized in market equilibrium. d. all of these.
If the economy is in recession and the number of used baby clothing stores increases, then used baby clothes
a. are a necessity b. are an inferior good c. are a normal good d. are a luxury e. have price-elastic demand
The GDP deflator is:
A. one way of summarizing how prices have changed across the entire economy. B. a measure of the overall change in prices in an economy, using the ratio between real and nominal GDP. C. a weighted average of all of the individual price changes in the economy. D. All of these statements are correct.