Author Question: There are five hundred buyers in the market for cheese. If we know each individual's demand curves, ... (Read 121 times)

justinmsk · **on:** Jun 30, 2018

There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand, we must

A) multiply the price times quantity for each buyer and then add the resulting products together.
B) add the quantities that each buyer will purchase at every price.
C) add the prices that each buyer will pay at every quantity.
D) average the price each buyer is willing to pay for each given quantity.
E) give up because there is no way to find the market demand.

Question 2

Gross Domestic Product is equal to the market value of all the final goods and services ________ in a given period of time.

A) produced and consumed within a country
B) consumed by the citizens of a country
C) consumed within a country
D) produced within a country
E) produced by the citizens of a country