The law of supply states that there is
A) an inverse relationship between price and technology, ceteris paribus.
B) a direct relationship between profit and quantity supplied, ceteris paribus.
C) no relationship between price of resources and number of suppliers, ceteris paribus.
D) a direct relationship between price and quantity supplied, ceteris paribus.
D
You might also like to view...
Refer to Common Property II. If access cannot be prohibited, then users of the common property receive a surplus of
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. zero.
b. area I.
c. area F + G + H + I.
d. area A + C + F + I.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink
Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The most common reason for the existence of oligopolies is
A) ease of entry. B) economies of scale. C) diseconomies of scale. D) advertising.
Between 1620 and 1710, the price of tobacco in the colonies:
a. rose rapidly. b. remained fairly stable due to monopolistic competition. c. fell from over 20 pence sterling to roughly one pence per pound. d. fell from over 20 pence sterling to roughly 10 pence per pound.