When Economists Refer to a Market Demand Curve, They Mean

question 228

Multiple Choice

When economists refer to a market demand curve, they mean that it represents

• A) the horizontal summation of individual demand curves.
• B) the vertical summation of individual demand curves.
• C) the quantity demanded by any individual consumer, multiplied by the number of consumers.
• D) None of the answers is correct.

---

Definitions:

Retail Method

An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.

Estimated Cost

An approximation of the financial outlay required to complete a project, acquire a service, or purchase goods, often used in budgeting and planning.

Inventory

A company's inventory of products and materials, accumulated for selling or using in production.

March 31

A specific date marking the end of the first quarter in a calendar year.