The market demand is the:
A. horizontal sum of all individual demand curves in a market.
B. horizontal sum of all individual prices in a market.
C. sum of all individual demand curves and supply curves in a market
D. vertical sum of all individual demand curves.
Answer: A
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An upward sloping indifference curve defined over two goods violates which of the following assumptions from the theory of consumer behavior?
A) transitivity. B) preferences are complete. C) more is preferred to less. D) all of the above E) none of the above
During the colonial period, the largest cities were typically
a. port towns. b. located in the hinterland. c. in the South. d. landlocked.
Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level becomes higher due to some change in economic conditions. Which of the following will occur eventually?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.
A statement about economic behavior or the economy that enables prediction of the probable effects of certain actions is known as a(n) ______.