A market demand curve is found by
A) adding the prices each consumer would pay for each quantity.
B) adding the prices and the quantities demanded by a consumer.
C) adding the quantities demanded for each individual consumer at each price.
D) taking the demand curve of the "representative" consumer.
C
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Why is knowledge considered a type of capital?
What will be an ideal response?
Suppose that the government passes a law requiring households to increase savings 10% above previous levels. According to Solow's growth theory, in the long run
A) output per capita grows more rapidly. B) output per capita grows at the constant steady state rate, n. C) output per capita stays constant. D) None of the above.
Graphically, the market supply curve is obtained by
A) changing the ceteris paribus conditions. B) a change in quantity supplied. C) horizontally summing quantity supplied at various prices for individual producers. D) vertically summing quantity supplied at various prices for individual producers.
Which of the following is not among the functions of contract?
a. to provide incentives for efficient reliance b. to reduce transaction costs c. to discourage the development of asymmetric information d. to provide risk allocation mechanisms