The value of the market to society is
A. the area under the demand curve from the origin to the quantity purchased.
B. the area under the demand curve but above the price line from the origin to the quantity purchased.
C. the area under the supply curve from the origin to the quantity produced.
D. the area under the demand curve but above the supply curve from the origin to the quantity purchased.
Answer: D
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Which of the following pairs of goods are likely to be considered substitutes?
A) Coffee and sugar B) Printers and printing ink C) A Ford car and public transportation D) A Nokia cell phone and a Nokia cell phone charger
If an economic curve has a negative slope, then one variable
a. falls as the other rises. b. changes at a slower rate than another. c. has a smaller value than another. d. changes after another variable.