The effect of a change in price on the quantity bought while keeping the consumer on the same indifference curve, is called the

What are the four key functions of prices in the market system?

What will be an ideal response?

A singer would willingly perform in a concert for $100,000. If she is paid $500,000 for the concert, she is

A) receiving $500,000 to cover her opportunity cost. B) not being paid her full opportunity cost. C) receiving $400,000 of economic rent. D) certainly being paid more than warranted by the level of demand.