When economists speak of "demand" in a particular market, they refer to
A. the whole demand curve or schedule.
B. one price-quantity combination on the demand schedule.
C. one point on the demand curve.
D. how much of an item buyers want to buy at a given price.
Answer: A
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A tax on candy will be paid by ______
A. only buyers if the demand for candy is inelastic B. only sellers if the supply for candy is inelastic C. buyers and sellers if the demand for candy is elastic D. only buyers if the supply of candy is elastic
When a tax is placed on sellers, the actual incidence:
A. falls solely on the seller. B. falls solely on the buyer. C. may be shared between the seller and buyer. D. is higher because it is being placed on the seller.
Substitution bias occurs because the CPI ignores the possibility of consumer substitution toward goods that have become relatively less expensive
a. True b. False Indicate whether the statement is true or false
If a ton of steel sells for $15,000 and a car made from a ton of steel sells for $30,000, then if all markets are perfectly competitive, how many cars can be made from the last ton of steel used by a profit-maximizing firm?
A. 1/3 car B. 1/2 car C. 1 car D. 1.5 cars