When constructing a demand curve,
a. demand is on the vertical axis and quantity is on the horizontal axis.
b. price is on the horizontal axis and quantity is on the vertical axis.
c. price is on the vertical axis and demand is on the horizontal axis.
d. price is on the vertical axis and quantity demanded is on the horizontal axis
Ans: c. price is on the vertical axis and demand is on the horizontal axis.
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Assuming the demand curve is downward sloping, as price increases, the price elasticity of demand for a good (in absolute value) and marginal revenue:
A) increase. B) stay the same. C) decrease. D) cannot be determined.
Payoffs are:
A. things that are only enjoyed by the winner. B. always monetary. C. bribes made to gain some advantage unfairly during a game. D. the rewards that come from particular actions.
The most severe recession since WWII was in
A. 1973-1975. B. 1981-1982. C. 2007-2008. D. 1991-2001.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30