Suppose that there are only three consumers of a product. At a price of $6 per unit, the first consumer would buy 12 units of the product, the second consumer would buy 8 units, and the third consumer would buy 3 units of the product
If you drew a market demand curve for this product, the quantity demanded at a price of $6 would be
A) 23 units. B) 20 units. C) 12 units. D) 11 units.
A
You might also like to view...
Suppose that the Bank of Japan buys yen-denominated assets with U.S. dollar assets. Everything else held constant, this transaction will cause ________ in the foreign assets held by the Federal Reserve and ________ in the U.S. monetary base
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
The rate of growth in the productivity of capital is 1? percent, the rate of growth of capital is 2? percent, the rate of growth of labor is 1? percent, and the rate of growth in the productivity of labor is 3 percent. From this we know that
What will be an ideal response?
For the CPI to provide an accurate measure of the prices paid by urban consumers, it is necessary to
A) Assign equal weights to all the goods and services included in the market basket surveyed so that nothing is over-weighted. B) Have a market basket that is consistent and corresponds to what households actually purchase. C) Have prices stated in dollars so consumers can compare what they spend. D) Change the market basket each month to reflect the changes that consumers make
If real GDP is less than potential GDP, then the money wage rate ________, and aggregate supply ________ so that the price level ________
A) rises; decreases; rises B) does not change; increases; falls C) falls; decreases; rises D) rises; increases; falls E) falls; increases; falls