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ECON-3030-B1/B2-Managerial Economics

ECON-3030-B1/B2-Managerial Economics

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A change in the price of a good measured on the horizontal axis, changes ________ of the budget line.

the x- and y-intercepts but NOT the slope

the slope and y-intercept

the slope and x-intercept

only the y-intercept

only the slope

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Which relationship represents the consumer’s optimum choice?

The market demand curve

shows how much all consumers demand at various prices.

none of the above

all of the above

100%

is the vertical summation of the demand curves of all the consumers in the market.

is quite complex to construct, given the demand curves of the individual consumers.

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What is market demand?

It is a vertical summation of individual demand curves.

100%

It is a horizontal summation of individual demand curves.

Noneof the above

It is determined solely by the number of buyers and sellers in the market.

It is NOT responsive to change in tastes and preferences.

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