Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 15, the price must be:
A. $0.
B. $6.
C. $9.
D. $15.
Answer: B
You might also like to view...
Insurance companies offer only unfair insurance because
A) they are run by greedy capitalists. B) they can fool customers into buying it. C) they have operating costs. D) their risks are positively correlated.
A sudden decrease in the market demand in a competitive industry leads to
a. A market equilibrium price higher than the original equilibrium in the short-run b. A market equilibrium price equal to the original equilibrium in the long-run c. Both a and b d. None of the above
The consumer price index (CPI) overstates the true inflation rate because it ignores changes in consumers' purchasing patterns as relative prices change
a. True b. False Indicate whether the statement is true or false
According to the table shown, what happened to the cost of living from 2013 to 2014? The cost of living:
A. increased; consumers became worse off than they would have been if the price level had not changed.
B. decreased; consumers became worse off than they would have been if the price level had not changed.
C. increased; consumers became better off than they would have been if the price level had not changed.
D. decreased; consumers became better off than they would have been if the price level had not changed.