The vertical distance between the horizontal axis and any point on a perfect competitor's demand curve measures
A) total cost.
B) total revenues.
C) product price, marginal revenue, and average revenue.
D) supply curve for the product.
Answer: C
Economics
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The effect of a change in price on the quantity bought when the consumer remains indifferent between the original and the new situation is called the
A) income effect. B) indifference effect. C) substitution effect. D) demand effect.
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