Which of the following is a difference between the terms quantity supplied and supply?
a. The term quantity supplied refers to the total number of units of a good that sellers are willing and able to sell at a given price, while the term supply refers to how much of the good sellers are willing and able to sell at all prices.
b. The term quantity supplied refers to how much of a good sellers are willing and able to sell at all prices, while the term supply refers to the total number of units of the good that sellers are willing and able to sell at a given price.
c. The term quantity supplied refers to the total number of units of a good that is supplied within an economy, while the term supply refers to the total number of units of the good that is exported by the economy.
d. The term quantity supplied refers to the total number of units of a good that is exported by an economy, while the term supply refers to the total number of units of the good that is supplied within the economy.
a
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Why are water companies considered a natural monopoly?
What will be an ideal response?
When economic profits are zero for a firm, it means that:
A. accounting profits are also zero. B. no firms will enter or exit the industry. C. average revenue slightly above average total cost. D. average variable costs are minimized.
Which of the following is used to test whether a time series follows a unit root process?
A. Wald test B. White test C. Augmented Dickey-Fuller test D. Johansen test
Which of the following is incorrect?
A. Accounting profits generally overstate economic profits. B. Managers should only be interested in accounting profits. C. Economic costs include not only the accounting costs but also the opportunity costs of the resources used in production. D. Accounting profits do not take opportunity cost into account.