Demand is defined as
A. the quantity people would buy at a given price.
B. the quantity needed by an individual during a given time.
C. the amount of a good actually purchased during a given time.
D. the quantities that buyers will purchase at different prices.
D. the quantities that buyers will purchase at different prices.
You might also like to view...
If the quantity supplied of a product is less than the quantity demanded, then:
a. There is a surplus of the product b. There is a shortage of the product c. The product is an inferior good d. The product is a normal good
A firm is currently hiring capital and labor so that MPL/PL < MPK/PK. If the firm wishes to maximize profits it should hire
A. more capital and more labor. B. more labor and less capital. C. less labor and more capital. D. less labor and less capital.
In the above figure, the movement from point C to point A is the result of
A) a decrease in the price of coffee. B) an increase in the price of coffee. C) a decrease in the price of gasoline. D) an increase in the price of gasoline.
What are some of the main ways in which the economies of developing countries differ from one another?
What will be an ideal response?