The market demand curve:
A. shows the relationship between the price of a good and the quantity that all consumers together are willing to buy.
B. is drawn assuming that variables such as income and tastes are variable.
C. is drawn assuming that the number of consumers is variable.
D. is drawn assuming that the selling price is fixed.
Answer: A
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A market in which there are many sellers who sell differentiated products is called
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
The economic way of thinking views government as a social institution
A) in which people do not compete. B) in which the public interest has priority over private interests. C) whose actions are controlled by the will of the majority. D) whose actions are determined by individuals' perceptions of their self-interest.