The market demand curve for a particular good
a. may be horizontal even if the individual consumers' demand curves are downward sloping
b. will always shift to the right as the price of the good decreases
c. is even more likely to be downward sloping than an individual consumer's demand curve
d. will always shift to the right if consumers' incomes increase
e. must be flatter than the flattest of the individual consumer demand curves
C
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Suppose Canada can produce 100,000 hockey sticks or 10,000 gallons of maple syrup in a week, while Germany can produce 90,000 hockey sticks or 10,000 gallons of maple syrup in a week. Which of the following conclusions is likely to be made? a. Canada has a comparative advantage in the production of hockey sticks. b. Germany has a comparative advantage in the production of hockey sticks. c
Canada has an absolute advantage in the production of maple syrup. d. Germany has an absolute advantage in the production of maple syrup.
The upward slope of the short-run aggregate supply curve is based on the assumption that ________.
A. prices of inputs are flexible while prices of outputs are fixed B. wages and other resource prices do respond to price level changes C. prices of output do not respond to price level changes D. wages and other resource prices do not respond to price level changes