Which of the Following Statements Is Correct

question 151

Multiple Choice

Which of the following statements is correct?
i.The demand curve shows the maximum price people are willing to pay for a given quantity of the good.
ii.The maximum price a consumer is willing to pay for an additional unit is the marginal benefit of that unit.
iii.Value is what a consumer receives and price is what a consumer pays.

• A) i only
• B) ii only
• C) iii only
• D) i and iii
• E) i, ii, and iii

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Definitions:

Benefits

The positive outcomes or advantages that result from actions or decisions, often considered in terms of economic or personal gain.

Detractors

Individuals or entities that actively express criticism or disapproval, often working to decrease support or enthusiasm for something.

Labor Market Discrimination

Labor market discrimination occurs when individuals receive different treatment in employment opportunities, such as hiring, promotion, or wages, based on characteristics unrelated to their job performance, like race, gender, or age.

Temporary Assistance

Short-term aid or support provided to individuals or families in need, often from governments or charitable organizations.