A market supply curve shows
a. the total quantity supplied at all possible prices.
b. the average quantity supplied by producers at all possible prices.
c. how quantity supplied changes when consumer income changes.
d. suppliers' responses, in terms of the amounts they will supply, to the demands of buyers.
a
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Some economists develop theories concerning policy issues to
A. further their own political agendas. B. understand what happened in an earlier time period. C. describe current economic events. D. make sound recommendations about policy alternatives. E. help elect new government officials.
One reason unions might support an increase in the minimum wage is because such a policy would cause a leftward shift in the demand curve for union labor
Indicate whether the statement is true or false
How is the interest rate on a bond calculated?
What will be an ideal response?
If economists forecast a decrease in aggregate expenditure, which of the following is likely to occur?
A) Inventories will fall. B) GDP will rise. C) GDP will fall. D) Wages will rise.