When economists talk about a demand schedule for a product, they mean
A. the amount of a good that consumers intend to purchase at only one particular price in a given period of time.
B. the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time.
C. the amount of a good that producers are willing to make available for sale at a particular price in a given time period.
D. the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period.
Answer: D
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Use the following table to answer the next question.OutputATC-1ATC-2ATC-3ATC-41,500$10$15$20$302,00091217252,50081015203,00012713183,50015611164,00018107144,50020128125,00024151195,500291913126,00035251514Plant sizes get larger as you move from ATC-1 to ATC-4.The firm's minimum efficiency scale occurs at what level of output?
A. 2,500 units B. 4,000 units C. 3,500 units D. 3,000 units
Which of the following is an important difference between government and privately-owned enterprises?
A) Government can distribute goods without employing discriminatory rationing criteria. B) Government can more easily use negative incentives to obtain resources. C) Government does not produce exchangeable commodities or services. D) Government provides services at a lower opportunity cost. E) Government tends to pay close attention to the varying preferences of the people.
If the government enacts a tariff on a component imported by a domestic manufacturer from an international supplier, which of the following would be the best example of a disruptive outcome?
a. The manufacturer would pay a higher price for the component. b. The manufacturer would seek an alternative supplier for the component. c. The manufacturer would move production overseas to the country where the component is manufactured. d. The manufacturer would negotiate a lower price for the component.
Define the average tax rate