A market equilibrium occurs
A) only with government regulation.
B) only because of the profit motive of firms.
C) only because of the complacency of consumers.
D) through the interaction of self-interested consumers and producers.
D
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In a partnership of two people
A) each person has 50 percent liability. B) it is more difficult to specialize with two persons than with one. C) each person has unlimited liability. D) the law releases each partner from legal liabilities.
A consumer's demand curve
a. shows the quantity of a good or service that individual will demand at each different price b. shows the quantity of a good or service that individual will demand at different levels of income c. is derived by equating the income and substitution effects d. slopes downward because the income effect offsets the substitution effect e. will be vertical if the income effect outweighs the substitution effect