A demand curve shows the relationship between price and quantity demanded, other things remaining constant. The other things that remain constant include all of the following except the:
a. price of the product.
b. price of complementary products.
c. price of substitute products.
d. number of consumers in the demographic group purchasing the product.
Question 2
The long-run aggregate supply relationship refers to:
a. a time period long enough for the prices of both outputs and inputs to adjust to changes in the economy.
b. any time period of more than a year.
c. a time period in which input prices can change, but output prices have not had time to adjust.
d. a time period in which output prices can change but input prices have not had time to adjust.
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.