For any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay
a. True
b. False
Indicate whether the statement is true or false
True
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In one-input models, all technologically efficient production plans are economically efficient and vice versa.
Answer the following statement true (T) or false (F)
Who benefits from rising inflation?
A) those who already have fixed-rate loans B) those considering taking out a loan C) lenders that already made loans D) lenders considering whether to make new loans
When relatively few workers have high ability,
A) they will settle for the average wage. B) they will want to signal their ability. C) the premium for high ability is less than when most workers have high ability. D) they do not need to signal their ability.
The permanent income hypothesis is associated with
a. John M. Keynes b. James Duesenberry c. Franco Modigliani d. Adam Smith e. Milton Friedman