Demand is a schedule of
A) how much of a good a person wants.
B) how much of a good people will purchase at each different possible price.
C) how much of a good people will purchase at each income level.
D) each possible price and the amount people will buy when their incomes change.
Question 2
Which of the following is NOT an example of a transaction cost?
A) the enjoyment of owning the good
B) the opportunity cost of time spent looking for stores that sold the good desired
C) the cost of returning a defective product
D) time spent bargaining over the price of a good
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