Demand is based on:
a. desires, regardless of ability to pay.
b. needs and wants, and the ability to pay.
c. what supplies can provide.
d. government calculations.
b. needs and wants, and the ability to pay.
You might also like to view...
Refer to Table 3.1. If preferences satisfy all four of the basic assumptions:
A) A is on the same indifference curve as B. B) B is on the same indifference curve as C. C) A is preferred to C. D) B is preferred to A. E) Both A and B answer choices are correct.
Income inequality increased in the United States from 1929 to 1970 and decreased thereafter.
Answer the following statement true (T) or false (F)
If the firm has already reached the minimum efficient scale, then:
A. any additional output will not result in a lower long run average cost. B. any additional output will result in a lower long run average cost. C. additional output will result in a lower long run marginal cost. D. the firm is profit maximizing in the long run.
Which of the following is an example of a price ceiling?
A) the minimum wage B) agricultural price supports C) rent controls D) None of the above is correct.