On a Graph Where the Horizontal Axis Represents Quantity Sold

question 33

Multiple Choice

On a graph where the horizontal axis represents quantity sold and the vertical axis represents selling price,the basic demand curve in a competitive market can be graphed:

• A)as a horizontal line.
• B)as a vertical line.
• C)as a downward sloping line to the right.
• D)as an upward sloping line to the right.
• E)in the same manner as the total revenue curvE.

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Definitions:

Marginal Rate Of Substitution

The rate at which a consumer is willing to trade one good for another while maintaining the same level of utility.

Marginal Rate Of Transformation

The rate at which one good must be sacrificed to produce one additional unit of another good, holding technology and resources constant.

Economic Outcome

The result of economic activities, often measured in terms of growth, employment, and inflation.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price in a specific time period.