The following are the equations for the supply and demand curves in the market for weezils:
Demand:
Qd= 20?2P
Supply:
Qs= 5 + 3P
where Qdis the quantity demanded, Qsis the quantity supplied, and P is the price per weezil in dollars.
Refer to Exhibit 4-1. If consumers decide that they want 20 percent fewer weezils at every price, the equation for the new demand curve for weezils will be
A. Qd= 20?1.6P.
B. Qd= 0.2(20?2P).
C. Qd= 0.8(20?2P).
D. Qd= 80(20?2P).
Answer: C
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The Darity-Myers thesis states that
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Refer to the diagram. Flow 2 represents:
A. wage, rent, interest, and profit income.
B. land, labor, capital, and entrepreneurial ability.
C. goods and services.
D. consumer expenditures.