The market demand curve is derived by:
a. studying an individual's demand for a product over a year.
b. comparing the monthly consumption of a group of people.
c. surveying a set of consumers and ascertaining their preferences.
d. adding up the quantities that consumers in a market are willing and able to purchase at each price.
e. calculating the average price a random sample of consumers are willing to pay for a product.
d
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A wholesale flower market is an example of ________
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
The figure above shows the costs and demand curves for the Bigshow Cable Company. If the firm is required to set its price according to an average cost pricing rule, the price is ________ and the quantity produced is ________ million
A) $8; 1 B) $6; 1 C) $6; 2 D) $4; 3
In a macroeconomic model designed to explain why some countries grow faster than others, which of these variables is likely to be endogenous?
A) investment B) economic policies C) geographic size D) population E) none of the above
Marginal utility equals the change in total utility divided by
A) the number of units consumed. B) the price of the product. C) the change in the number of units consumed. D) the consumer's subjective level of preference.