To determine the total demand for all consumers, sum the quantity each consumer demands
A) at a given price.
B) at all prices and then sum this amount across all consumers.
C) Both A and B will generate the same total demand.
D) None of the above.
A
You might also like to view...
An increase in the demand for labor means that
A) the demand for labor increases as a result of an increase in the real wage rate. B) the demand for labor increases at any real wage rate. C) the supply of labor must also be increasing. D) the demand for labor increases as a result of a decrease in the real wage rate.
The graph illustrates the supply of sweaters. As the technology used to produce sweaters improves, the
A) supply of sweaters decreases and the demand for sweaters does not change. B) supply of sweaters increases and the demand for sweaters does not change. C) quantity of sweaters supplied increases. D) quantity of sweaters supplied decreases. E) supply of sweaters increases and the demand for sweaters increases.
Which of the following is an example of an injection into the circular flow of income and expenditure?
a. Net taxes b. Saving c. Transfer payments d. Government borrowing e. Disposable income
It is possible to compare utility levels across consumers by attaching a numerical measure to utility
Indicate whether the statement is true or false