Which of the following statements about demand is true?
a. The demand curve for a group of consumers in a market is simply the horizontal summation of each individual's demand.
b. The single demand curve shows the quantity of a good that people will buy, allowing all factors (price, income, expected future prices, etc.) to vary.
c. An increase in income will cause a person to move down and to the right along her demand curve.
d. All of the above are true.
A
You might also like to view...
If the marginal benefit from another computer exceeds the marginal cost of the computer, then to use resources allocatively efficiently
A) more resources should be used to produce computers. B) fewer resources should be used to produce computers. C) if the marginal benefit exceeds the marginal cost by as much as possible, the efficient amount of resources are being used to produce computers. D) None of the above is correct because marginal benefit and marginal cost have nothing to do with using resources allocatively efficiently.
Refer to Figure 4-1. Kendra's marginal benefit from consuming the second ice cream cone is
A) $6.50 B) $6.00 C) $3.00 D) $2.25
Which of the following factors has negatively impacted the viability of the pay-as-you-go Social Security system?
a. Each generation is living longer and thus collecting more benefits. b. The "baby boom" after WWII greatly increases the number of retirees in the first few decades of this century. c. Individuals are having fewer children today. d. all of the above e. a and b
When the total external and internal costs of a transaction are taken into consideration, this is known as
A) public costs. B) average total costs. C) social costs. D) marginal costs.