The market demand curve for a good shows ________ and the market supply curve shows ________.
A) consumers' willingness to pay for the good; producers' marginal cost of producing the good
B) producers' marginal cost of producing the good; consumers' willingness to pay for the good
C) consumers' willingness to pay for the good; the opportunity cost of producing the good
D) consumers' willingness to pay for the good; producers' total cost of producing the good
Question 2
When prices are allowed to fluctuate after a crisis, such as Hurricane Katrina, the high prices
A) provide information to suppliers about where goods and services are most highly desired.
B) are evidence of price gouging.
C) justify government intervention.
D) All of the above.
An Oil-dependent World— Supply and Demand Driven
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