A point on the demand curve shows the
A) minimum price that people are willing to pay for another unit of a good.
B) dollars' worth of other goods that people must sacrifice to consume another unit of the good.
C) maximum price that people are willing to pay for another unit of a good.
D) consumer surplus a person gains from consuming a unit of a good.
E) marginal benefit minus the consumer surplus from consuming another unit of a good.
C
You might also like to view...
Which of the following products is a leading import of the United States?
A. Grains B. Aircraft C. Petroleum D. Generating equipment
Suppose a jar of DeLux popcorn that is ultimately sold to a customer at Friendly Groceries is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsFulton Family Farm$0.500DeLux Popcorn Co.$2.50$0.50Friendly Groceries$4.00$2.50 What is the value added of DeLux Popcorn Co.?
A. $0.50 B. $2.00 C. $1.50 D. $2.50