The market demand curve is derived by:
a. studying an individual's demand for a product over a year.
b. comparing the monthly consumption of a group of people.
c. surveying a set of consumers and ascertaining their preferences.
d. adding up the quantities that consumers in a market are willing and able to purchase at each price.
e. calculating the average price a random sample of consumers are willing to pay for a product.
Question 2
A market economy answers the question what goods will be produced by focusing on
a. dollar votes.
b. least-cost method of production.
c. who can afford these goods.
d. none of the above
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