Refer to the above table. Which of the following price-quantity schedules would represent the demand for X in the $2 and $3 price-range?
The table below shows the total utility data for products X and Y. Assume that the prices of X and Y are $3 and $4, respectively, and that consumer income is $18.
A. Option A
B. Option B
C. Option C
D. Option D
C. Option C
You might also like to view...
A newspaper headline asserts: "Rising demand pulls up copper prices." The headline
A) is claiming demand determines price (rather than price determining demand). B) is claiming more copper would be demanded at higher prices. C) is claiming prices will fluctuate indefinitely. D) is guilty of all three errors mentioned above. E) makes perfectly good sense from the standpoint of economic theory.
Which of the following is not an advantage of cost-plus pricing?
A) If a firm is selling multiple products, it ensures that the firm's prices will cover costs that are difficult to assign to one product. B) It ensures that the firm will maximize its profits. C) It is easy to calculate. D) It requires little information.