The concept of "demand" in economics refers to
A) the different quantities of a good or service people will buy at different possible prices.
B) the different types of goods and services that people of different income levels want to buy.
C) how changes in the prices of all goods affect people's buying behavior.
D) changes in people's consumption behavior over time.
A
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Money is each of the following except
A) a medium of exchange. B) a store of value. C) a means by which the central bank can always, and permanently, affect production. D) a unit of account.
A disadvantage of team production compared to contracting out is that
a. transaction costs are often higher with team production. b. the level of specialized knowledge required by team production is greater than with contracting out. c. the problem of shirking must be more carefully addressed with team production. d. team production increases the cost of production in most situations.