Which of the following about demand is true?
a. The height of the demand curve for a product at a given quantity represents the marginal value derived by the consumption of that unit.
b. The height of the demand curve for a product at a given quantity reflects the total value consumers derive from all units of the good consumed.
c. The total area above the demand curve for a product is equal to consumer surplus.
d. At every quantity, the height of the demand curve for a product represents the cost of producing that unit.
A
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Explain how the purchases of used goods and of financial assets affect GDP
What will be an ideal response?
The above figure shows the U.S. market for replacement cell phone batteries. With free trade, U.S. production is equal to ________ batteries per year
When a $2 tariff is in place, U.S. production is equal to ________ batteries per year. A) 900,000; 700,000 B) 300,000; 100,000 C) 100,000; 500,000 D) 300,000; 500,000 E) 100,000; 300,000