General Motors estimates that U.S. demand for its newest product will be: Qus = 30,000 - 0.5P. Export demand will be Qex = 25,000 - 0.5P. The total market demand curve for this product will be a
A) straight line with a slope of -0.5.
B) straight line with a slope of -1.0.
C) kinked line with the kink at Q = 25,000.
D) kinked line with the kink at P = 50,000.
E) none of the above
D
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The results of the Bureau of Labor Statistics' establishment survey measure
A) only the number of nonfarm payroll workers who have found employment. B) only the number of nonfarm payroll workers who have lost jobs. C) the net change in nonfarm payroll worker employment. D) the number of nonfarm payroll workers and farm workers who have found jobs minus the number of nonfarm payroll workers and farm workers who have lost jobs and are no longer seeking employment.
Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only. B) perfect competition only. C) both perfect competition and monopolistic competition. D) market structures in which there are barriers to entry.