Demand curves are formed by ______.
a. minimum prices people are willing and able to sell at
b. maximum prices people are willing and able to pay
c. minimum prices people are willing and able to pay
d. maximum prices people are legally able to sell at
b. maximum prices people are willing and able to pay
Economics
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Refer to Figure 9.1. If the government establishes a price ceiling of $20, how many widgets will be sold?
A) 20 B) 30 C) 40 D) 50 E) 60
Economics
Some people argue that the three main television networks all have similar programming. If true, this observation might best be explained by the:
A. paradox of voting. B. median-voter model. C. law of diminishing marginal utility. D. ability-to-pay principle.
Economics