When economists talk about a demand schedule for a product, they mean
A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period.
B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time.
C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time.
D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.
Question 2
A situation in which a benefit or a cost associated with an economic activity spills over to third parties is called
A) a public good.
B) a merit good.
C) an externality.
D) the free-rider problem.
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