We are given the individual demand curves for all of the people that consume ice cream. Which statement is TRUE about the market demand curve for ice cream?
A. The market demand curve is obtained by horizontally summing the individual demand curves.
B. The market demand curve cannot be obtained because information on prices is missing.
C. The market demand curve cannot be obtained from individual demand curves.
D. The market demand curve is obtained by vertically summing the individual demand curves.
Answer: A
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What will be an ideal response?
The concept of "non-price rationing" means that, in general, we can deal with scarcity just as well without prices as with prices.
Answer the following statement true (T) or false (F)
When compared to the price of laptop computers, college tuition in the United States has
A. fallen. B. risen. C. stayed the same. D. risen at the same rate as the CPI.
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A. earn; spend B. spend; save C. loan; borrow D. earn; save