If demand is represented as Qd = 18 - 6P and supply is represented as Qs = 3 + 9P, the equilibrium quantity is

The AD curve shows the various amounts of real output that people are willing and able to

A) buy at different income levels. B) buy at different price levels. C) sell at different profit levels. D) sell at different price levels. E) none of the above

In pure competition, the demand for the product of a single firm is perfectly:

A. Elastic because the firm produces a unique product B. Inelastic because the firm produces a unique product C. Elastic because many other firms produce the same product D. Inelastic because many other firms produce the same product