When economists speak of "demand" in a particular market, they refer to:
A. The whole demand curve or schedule
B. One point on the demand curve
C. One price-quantity combination on the demand schedule
D. How much of an item buyers want to buy at a given price
Answer: A
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Profits
A) are a cost of doing business because they are payments to others. B) are not a cost of doing business because they are owed to resource owners. C) are not a cost of doing business because they are often zero or negative. D) are a cost of doing business because entrepreneurs would not incur the risk of starting a business if they didn't expect to earn profits.
Consumers in monopolistically competitive markets face a trade-off between paying prices greater than marginal costs and purchasing products that are more closely suited to their tastes
Indicate whether the statement is true or false