The supply curve for CDs shows the
A) minimum price that consumers are willing to pay if a given quantity of CDs is available.
B) maximum price that consumers are willing to pay if a given quantity of CDs is available.
C) maximum price that producers must be offered to get them to produce a given quantity of CDs.
D) minimum price that producers must be offered to get them to produce a given quantity of CDs.
D
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Which of the following is not true of Lindahl prices for collective consumption goods?
a. Lindahl pricing might be useful in achieving political agreement on the proper amount of the public good to be produced. b. Lindahl prices are set so the marginal benefit they receive from the public good is equal to the marginal cost. c. Lindahl prices are difficult to calculate in practice. d. Lindahl prices are necessary for economic efficiency.
The kinked demand theory attempts to explain why an oligopolistic firm:
a. has relatively large advertising expenditures. b. fails to invest in research and development (R and D). c. infrequently changes its price. d. engages in excessive brand proliferation.
The 1997-1998 Asian crisis began as a crisis of confidence in China's financial system
a. True b. False
Suppose three firms form a cartel and agree to charge a specific price for their output. Each individual firm has an incentive to maintain the agreement because the firm's individual profits will be the greatest under the cartel arrangement
a. True b. False Indicate whether the statement is true or false