The establishing of an overall view of the operation

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the establishing of an overall view of the operation of the aggregate economic system. a detailed examination of specific economic units that make up the economic system. The main function of the entrepreneur is to rev: 05_10_2018 Multiple Choice create market demand. make routine pricing decisions.
purchase capital. innovate.
Marcus budgets $120 a week for groceries. When the price of all food goes up by 10% he buys less salmon. This can best be explained by:
income leads to a decrease in consumption. Consequently, Marcus cannot buy the same amount of food for $120, so he has to reduce food consumption. Among other food-related goods the quantity of salmon demanded decreases. Prices usually allocate resources efficiently because they allocate rev: 05_02_2018 Multiple Choice consumption to the highest cost of good or service. consumption to the lowest value good or service. resources to the highest value good or service. Correct resources to the lowest value good or service.
Who determines the price and quantity traded in a market? rev: 05_02_2018 Multiple Choice prices and quantities traded are not generally determined in markets buyers sellers buyers and sellers Which of the following is the best synonym for "marginal" in economics? rev: 05_10_2018
In moving along a demand curve, which of the following is not held constant? rev: 05_02_2018 Multiple Choice price expectations the price of the product for which the demand curve is relevant Correct people's tastes and preferences
consumer incomes
The table below represents the demand for bottles of sunscreen at Daytona Beach on a sunny June day. Demand for Sunscreen Price (dollars) Quantity of Sunscreen Demanded (bottles) $4 7,200 6 6,800 8 6,400 10 6,000 12 5,600 If the price of a bottle of sunscreen is $8, what will be the quantity demanded?
1,600 bottles 8,000 bottles 6,400 bottles Explanation Because the price is $8 choose the third row in the demand table. In this row, you find the quantity demanded in the second column in the third row: 6,400 bottles. In order to derive a market demand curve from individuals’ demand curves, we add up the rev: 05_02_2018 Multiple Choice various individuals’ quantities demanded at each price. Correct total number of buyers in the market at each time period. various prices that each buyer is willing and able to pay.

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