Aggregate demand refers to the relationship between
A) the price level and the quantity of real GDP supplied.
B) prices and the quantity of a good supplied.
C) the price level and the quantity of real GDP demanded.
D) prices and the quantity of a good demanded.
C
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In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A) market system B) socialist system C) centrally planned system D) command system
The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a gallon of milk?
A) 3/5 of a dozen eggs B) $1.50 C) 1 2/3 dozen eggs D) $2.50
Refer to the above table. Suppose the price of Y rises from $18 to $20. What is the cross price elasticity of demand between X and Y?
A) -2 B) -1 C) 0 D) +1
A price discriminating monopolist will
A) charge a lower price to those consumers who have more elastic demand. B) charge a higher price to those consumers who have more inelastic demand. C) charge more to those consumers who have more substitute goods. D) charge the same price to all consumers.