Distinguish between demand and quantity demanded. Do the same for supply and quantity supplied
Quantity demanded is the number of units consumers want to buy at a specific price over a specified period. It depends upon the price charged. Demand, or a demand schedule, shows how the quantity demanded of some product during a specified period will change as the price of the product changes, holding all other determinants of quantity demanded constant. On a demand curve, quantity demanded is a single point.
Similarly, quantity supplied is the number of units sellers are willing to sell over a specified period at a specific price. Supply, or a supply schedule, is a table showing how the quantity supplied of some product during a specified period changes as the price of the product changes, holding all other determinants of quantity supplied constant. In a supply curve, quantity supplied is a single point.
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A. more reliance on the use of currency. B. the increased use of checks in the economy. C. the introduction of money market mutual fund shares and similar checking substitutes. D. the increased use of electronic payments.
How does the demand for high-skilled workers compare to the demand for low-skilled workers? Why does this difference exist?
What will be an ideal response?
Discount rates are __________ every two weeks by the directors of each regional Federal Reserve Bank but are __________ by the Board of Governors
A) determined; established B) established; determined C) recommended; established D) determined; recommended
People consistently consider sunk costs when weighing the trade-offs involved in a decision because:
A. they are rational. B. they are utility-maximizers. C. they think at the margin. D. they find it hard to accept their losses.