Total market demand can be calculated by
A) horizontally summing individual demand curves at each and every price level.
B) vertically summing individual demand curves at each and every income level.
C) adding up the largest quantity demanded by each individual.
D) looking at the changes in the products' popularity.
Answer: A
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the 4th worker?
A) $300 B) $50 C) $70 D) $10
A decreased government deficit created by a lump-sum tax increase will increase national saving if
A) the value of government bonds outstanding grows slower than the public's wealth. B) it causes consumption to fall. C) the government runs a primary surplus as a result. D) the real interest rate is less than the growth rate of real GNP.