A demand curve:
A. shows the relationship between price and quantity supplied.
B. indicates the quantity demanded at each price in a series of prices.
C. graphs as an upsloping line.
D. shows the relationship between income and spending.
Answer: B
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Over time in a growing economy, the long run aggregate supply curve will
A) shift inward to the left. B) shift outward to the right. C) become increasingly stee
The demand for loanable funds curve slopes downward because the
A) expected rate of profit is related positively to the real interest rate. B) real interest rate is the opportunity cost of investment. C) price of bonds and stocks is not related to the real interest rate. D) higher the real interest rate, the lower the cost of investment. E) expected rate of profit is factor that "rewards" firms for their investment.
Suppose the demand for large (and therefore high-gasoline consumption) cars decreases sharply during an energy crisis. The most likely market adjustment would be
a. a sharp rise in the price of large cars in the short run as people rush to purchase these vehicles before producers cut back on manufacturing them. b. a moderate increase in short-run prices, followed by a larger long-run price increase as the supply of large cars is depleted. c. lower short-run prices, which will lead to an expansion in the number of large cars sold. d. a decrease in the price of large cars in the short run, leading to a reduction in output, which will moderate the price decline in the long run.
The U.S. patent system
a. makes general knowledge excludable. b. makes specific, technical knowledge excludable. c. creates a disincentive to invent. d. Both a and b are correct.