A demand curve is a graphical representation of

A) consumer tastes.
B) national income.
C) the demand schedule.
D) relative prices.

C

Economics

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The winner of a second-price sealed-bid auction pays an amount equal to ________

A) half of his bid B) the lowest bid C) the second-highest bid D) his valuation of the good

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What is the marginal rate of substitution, and what role does it play in determining the consumer's optimum choice?

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