On a Graph Where the Horizontal Axis Represents Quantity Sold

question 48

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:

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Transmission

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A common law rule that requires that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer for a valid contract to be formed.