The prices that people are willing to pay for goods and services mostly depend on:
a. the total utility derived from the goods and services.
b. the marginal utility derived from the goods and services.
c. the availability of raw materials for producing the goods and services.
d. the cost of producing the goods and services.
e. whether the goods are legal, since the laws affect the position of both supply and demand curves.
b
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According to the monetarists, the rise in (M1) velocity in the mid-1990s can be attributed to
a. changes in the type of bank deposits that are available to the public. b. new legal ceilings imposed on the deposit rates financial institutions are permitted to pay depositors. c. the phasing out of legal ceilings on the deposit rates financial institutions are allowed to pay depositors. d. Both a and b e. Both a and c
If two firms comprise the entire soft drink market, the market would be a(n)
a. Nash equilibrium. b. monopolistically competitive market. c. oligopolistically competitive market. d. duopoly.