The term demand refers to
a. a collection of numbers, listing the quantities demanded at a variety of hypothetical prices.
b. the information on tastes, incomes, and prices needed to determine people's desired purchases of a commodity.
c. the amount of a commodity that is being purchased under current market conditions.
d. the quantity purchased at each and every possible level of income.
a. a collection of numbers, listing the quantities demanded at a variety of hypothetical prices.
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Markets
A) facilitate trade. B) allow traders to enjoy gains from trade. C) coordinate price information between buyers and sellers. D) All of the above answers are correct.
When quantity moves proportionately the same amount as price, demand is
a. elastic, and the price elasticity of demand is 1. b. perfectly elastic, and the price elasticity of demand is infinitely large. c. perfectly inelastic, and the price elasticity of demand is 0. d. unit elastic, and the price elasticity of demand is 1.