When creating market demand curves for privately produced and privately consumed goods, we
A. add the price paid at each quantity.
B. take an average of the quantity demanded at each price.
C. take an average of the price paid at each quantity.
D. add the quantity demanded at each price.
Answer: D
You might also like to view...
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar falls from $45 to $35, the market quantity demanded would
A) increase by 50 oz. B) decrease by 50 oz. C) decrease by 70 oz. D) increase by 70 oz.
Compounding:
A. is beneficial to savers, but costly to borrowers. B. is beneficial to borrowers, but costly to savers. C. is beneficial to borrowers and savers alike. D. is costly to both borrowers and savers.
Economists believe that people's wants are
a. limited by their incomes b. insatiable c. scarce d. mostly irrational e. mostly psychological
A cartel is a group of consumers that tries to act together to increase their bargaining power.
a. true b. false