Refer to the above table. What is the market quantity demanded at a price of $8?
A) 5
B) 15
C) 35
D) 44
D
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When looking at economic growth in a country, the distribution of output and income
A) is shared equally. B) is skewed toward the lowest quintile of the population. C) generally follows predictable patterns. D) is not taken into consideration.
A factory in Techland could not sell 20% of its output during a certain year due to a decrease in demand for its product. Which of the following would have happened if it produced 20% less?
A) Techland's GDP would have been higher. B) Techland's GDP would have been lower. C) Techland's trade deficit would have been less. D) Techland's GDP would have remained the same.
Importers collect additional revenues from a ________, and governments collect additional revenues from ________
A) quota; import bans B) quota; tariffs C) tariff; voluntary export restraints D) voluntary export restraint; quotas
In terms of the production possibilities diagram, the principle of increasing cost simply asserts that the frontier is
a. downward sloping. b. upward sloping. c. bowed inward. d. bowed outward. e. undefined, because no market will exist in this case.