The demand curve:
A. represents consumers' willingness but not ability to buy.
B. shows the highest amount consumers will pay for a specific quantity.
C. visually displays the demand schedule.
D. represents consumers' ability but not willingness to buy.
C. visually displays the demand schedule.
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Answer the following statements true (T) or false (F)
1. If a firm cannot make a profit under conditions of perfect competition, it should shut down as soon as possible. 2. Allocative efficiency occurs when firms are producing the goods consumers most want and consumers pay a price equal to marginal cost. 3. Consumer surplus is the area above the demand curve and below the equilibrium price. 4. Producer surplus is the difference between the price the firm is willing to sell its goods and the price it actually receives.
_____ have the ability to recognize constraints and may choose to incur the costs of altering them
a. Economists b. Rational people c. Entrepreneurs d. Research groups
U.S. international trade has
a. decreased because of a decrease in the trade of goods with a high value per pound. b. decreased because of an increase in the trade of goods with a high value per pound. c. increased because of a decrease in trade of goods with a high value per pound. d. increased because of an increase in trade of goods with a high value per pound.
A corporation is owned by its
A) board of directors. B) stockholders. C) employees. D) CEO.