What important assumption does the supply and demand model make a) people are motivated by self-interest b) demand is an inverse relation c) everyone in the market is a price taker d) all goods are normal goods

What important assumption does the supply and demand model make a) people are motivated by self-interest b) demand is an inverse relation c) everyone in the market is a price taker d) all goods are normal goods

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter6: Demand Relationships Among Goods

Section: Chapter Questions

Problem 6.7P

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9) What important assumption does the supply and demand model make

a) people are motivated by self-interest

b) demand is an inverse relation

c) everyone in the market is a price taker

d) all goods are normal goods

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