What shows the quantities of products demanded at each price by all consumers in a market?
a) an elasticity and consumption list
b) a schedule of consumer prices
c) a market pricing list
d) a market demand schedule
Ans: d) a market demand schedule
Economics
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Suppose the production of mp3 players can be represented by the following production function: q = L0.4K0.4. The firm currently produces q1 units. If all inputs doubled, the new level of output will equal
A) 20.4 q1. B) 20.8 q1. C) 0.8 q1. D) 1.6 q1.
Economics
A consumer's budget line will shift to the left in a parallel manner if:
a. the price of the good on the X-axis increases. b. the price of the good on the Y-axis increases. c. the consumer's income increases d. the consumer's income decreases.
Economics