If a nation's production possibilities curve is a straight line
a. the law of increasing costs does not apply
b. the law of increasing costs applies
c. there are no gains from trading with other nations
d. the gains from trading with other nations are captured by the other nations
e. the gains from trading with other nations are captured by the nation
A
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The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of that good in the law of demand. B) consumers' income. C) consumers' tastes and preferences. D) the number of potential buyers.
The market demand curve is
a. any individual's demand curve multiplied by the number of consumers in the market b. the relationship between income and quantity demanded c. the horizontal sum of the individual demand curves for all consumers in the market d. the vertical summation of all individual demand curves e. the sum of prices paid at each quantity demanded