The distinction between demand and the quantity demanded is best made by saying that:
A. the quantity demanded is in an inverse relation with prices, whereas demand is in a direct relation.
B. the quantity demanded is in a direct relation with prices, whereas demand is in an inverse relation.
C. the quantity demanded is represented graphically by a curve and demand is a point on that curve.
D. demand is represented graphically by a curve and quantity demanded is a point on that curve.
Answer: D
You might also like to view...
A demand function is inelastic if the absolute value of its elasticity is less than one.
a. true b. false
Alfonse is a farmer who grows 20,000 bushels of corn each year. Last year, the market price was $3 per bushel. If Alfonse earned $80,000 . the government's target price per bushel must have been
a. $60,000 b. $20,000 c. $4,000 d. $4 e. $1