Question

In: Economics

1) The market demand curve A) Represents the sum of the prices that all the buyers...

1) The market demand curve

A) Represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good.

B) Slopes upward.

C) Is found by vertically adding the individual demand curves.

D) Represents the sum of the quantities demanded by all the buyers at each price of the good.

2) An increase in the price of books will

A) Shift the demand for books

B) Increase quantity demanded for books.

C) Decrease demand for books.

D) Increase demand for books.

E) Decrease quantity demanded for books.

3) Which of the following is not held constant in a demand schedule for coffee?

A) Price of tea

B) Price of coffee

C) Tastes

D) Expectations

E) Income

Solutions

Expert Solution

1) The market demand curve

D) Represents the sum of the quantities demanded by all the buyers at each price of the good.

2) An increase in the price of books will

E) Decrease quantity demanded for books

3) Which of the following is not held constant in a demand schedule for coffee?

B) Price of coffee

Rahul Sunny answered 2 years ago
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