The market demand is the:
A. horizontal sum of all individual demand curves in a market.
B. horizontal sum of all individual prices in a market.
C. sum of all individual demand curves and supplies in a market.
D. vertical sum of all individual demand curves.
Answer: A
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Suppose Starbucks currently charges $2.50 per cup for its latte
If Starbucks raises the price to $3.00 per cup, based on the demand curve in the figure above, its total revenue will ________ because the demand for Starbucks latte is ________ over this price range. A) increase; elastic B) decrease; elastic C) increase; inelastic D) increase; unit elastic E) not change; unit elastic
Which of the following is true at the point where diminishing returns set in?
a. Marginal product is at a minimum and marginal cost at a maximum. b. Both marginal product and marginal cost are at a minimum. c. Both marginal product and marginal cost are at a maximum. d. Marginal product is at a maximum and marginal cost at a minimum.