Scenario 5.1 The Demand for Noodles Is Given by the Following Equation

question 105

Multiple Choice

Scenario 5.1
The demand for noodles is given by the following equation: Q = 20 - 4P + 0.2I - 2P_x. Assume that P = $8, I = 200, and P_x = $10.
-The prices that people are willing to pay for goods and services mostly depend on:

• A)the total utility derived from the goods and services.
• B)the marginal utility derived from the goods and services.
• C)the availability of raw materials for producing the goods and services.
• D)the cost of producing the goods and services.
• E)whether the goods are legal, since the laws affect the position of both supply and demand curves.

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