Identify the correct statement.
a. Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price.
b. Demand for a product is the same as the quantity demanded of a product.
c. Demand represents the different quantities of a good or service that provides consumers the same amount of utility.
d. Demand is the quantity of a product that people are willing and able to purchase at different prices.
e. Demand is the quantity of a product that producers are willing to produce at a particular price.
Question 2
The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another.
a. True
b. False
Indicate whether the statement is true or false
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