The market demand curve for mousetraps is
A) found by summing the quantities of mousetraps demanded at each income level by each buyer.
B) found by summing the prices of mousetraps at each quantity of mousetraps demanded by each buyer.
C) the horizontal sum of the individual demand curves for mousetraps of all the buyers.
D) Both answers B and C are correct.
E) Both answers A and C are correct.
C
You might also like to view...
Refer to Figure 11-3. Which of the following would cause an economy to move from a point like A in the figure above to a point like B?
A) a technological regression B) a decrease in capital per hour worked C) an increase in capital per hour worked D) an improvement in technology
Opportunity cost exists because
a. technology is fixed at any point in time b. the law of comparative advantage is working c. resources are scarce but wants are unlimited d. the value of lost opportunities varies from person to person e. efficiency is measured by the monetary cost of an activity
It presently costs 50 Canadian dollars for a lift ticket at Whistler Ski Resort in British Columbia. If the current value of the Canadian dollar is 0.68 U.S. dollars, how many U.S. dollars does it cost to ski at Whistler?
A. $16.00 B. $34.00 C. $73.50 D. $156.25
________ countries were part of the euro currency union at the time of its creation.
A. 12 B. 16 C. 19 D. 17