The law of supply states that:
a. there is a negative relationship between the price of a good and the quantity of it purchased by suppliers.
b. there is a positive relationship between the price of a good and the quantity that buyers choose to purchase.
c. there is a positive relationship between the price of a good and the quantity of it offered for sale by suppliers.
d. at a lower price, a greater quantity will be supplied.
c
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It may be misleading to call water a necessity because
A) the amount of water a community consumes does not vary with the price people must pay for water. B) the demand for water does not obey the law of demand. C) the demand for water is highly elastic. D) the demand for water is highly inelastic. E) there are many uses of water for which good substitutes exist.
An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue
A) variable B) model C) market D) trade-off
Which of following is not an important category of bias in human decision making?
A. Temptation. B. Limited processing power. C. Reluctance to change. D. Single-mindedness.
In the classical model, the quantity of loanable funds supplied is
a. positively related to the level of income b. negatively related to the price level c. positively related to the price level d. negatively related to the interest rate e. positively related to the interest rate