Graphically, a market demand curve is found by
A. taking the average of the individual demand curves.
B. summing the quantities demanded by all individuals at each price.
C. taking the average of all prices that people are willing to pay.
D. summing the prices each consumer would pay for each quantity.
Answer: B
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International trade in the U.S. during the antebellum period
(a) benefited the Northern economy more than the Southern economy. (b) benefited England significantly more than the U.S. (c) played an important part in the growth and expansion of the Southern economy. (d) occurred as described in all of the above.
Scarcity exists because of: a. the allocation of goods by prices
b. specialization and division of labor. c. the market mechanism. d. unlimited wants and limited resources.
Modern terrorism overturns the central assumption of the Westphalian system that says only
a. democracies can provide a lasting form of power. b. weapons of mass destruction actually maintain peace. c. states have the military force to create serious security threats. d. economic inequality pits private citizens against one another.
Refer to the diagram. Suppose the budget line shifts so that the consumer's equilibrium changes from point A to point B. This means that the:
A. price of Y has increased.
B. price of Y has decreased.
C. price of X has increased.
D. consumer's money income has increased.