An individual's demand curve:
a. represents the various quantities that a consumer is willing to purchase of a good at various price levels.
b. is derived from an individual's indifference curve map.
c. will shift if preferences, prices of other goods, or income change.
d. all of these answers are correct.
d
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Answer the following statement(s) true (T) or false (F)
1. Market demand for a private good is found by vertically summing individual demands. 2. The supply curve is positively sloped because marginal cost (MC) rises with output (Q). 3. If QS = –10 + ½ P, the slope of supply, when conventionally graphed, is +½ . 4. Equilibrium price is the price level at which QD equals QS. 5. If the price level is such that quantity supplied exceeds quantity demanded, there is excess demand, or a shortage in the market.
In the above figure, if this natural monopolist were forced to use marginal cost pricing, it would sell the product at the price
A) A. B) C. C) E. D) F.
A hailstorm kills all of the wheat in Minnesota. What will happen to the price and quantity of wheat sold in the U.S.?
A. Equilibrium price falls, equilibrium quantity falls. B. Equilibrium price rises, equilibrium quantity falls. C. Equilibrium price rises, equilibrium quantity rises. D. Equilibrium price falls, equilibrium quantity increases.
According to the above table, there is an excess quantity demanded of 1500 DVDs at the price
A) $14.
B) $12.
C) $10.
D) $8.