Identify the correct statement
a. Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price.
b. Demand for a product is the same as the quantity demanded of a product.
c. Demand represents the different quantities of a good or service that provides consumers the same amount of utility.
d. Demand is the quantity of a product that people are willing and able to purchase at different prices.
e. Demand is the quantity of a product that producers are willing to produce at a particular price.
d
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If the demand curve for a good is a downward sloping straight line, the demand for the good will be more price elastic the higher is the
A) price of the good. B) price of complements. C) income of consumers. D) income elasticity of demand for that good.
The returns to scale of the production function Q = 50 L0.4 K0.2 are
A) 50. B) .6. C) .8. D) 500.6.
If a firm can earn a profit stream of $50,000 per year for 10 years, that profit stream is worth
A) more than $500,000 today. B) $500,000 today. C) less than $500,000 today, but a positive amount. D) nothing today E) some amount, but whether it is more, less or the same as $500,000 cannot be determined.
If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n): a. increase in the demand for milk
b. decrease in the demand for milk. c. increase in the quantity of milk demanded. d. decrease in the quantity of milk demanded.