According to the law of supply
A) people buy more of a good when the price increases.
B) people buy less of a good when the price decreases.
C) producers provide more of a good when the price decreases.
D) producers provide less of a good when the price decreases.
D
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Net exports are defined as:
A. GDP minus exports. B. exports plus imports. C. imports less exports. D. exports less imports.
If producer choice sets are convex and a production plan satisfies the condition that the (marginal) technical rate of substitution is equal (in absolute value) to the ratio of input prices, then the production plan is profit maximizing.
Answer the following statement true (T) or false (F)
In the above figure, CBL is the cost of breaking the law. If it is illegal to buy and sell, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
If the IS curve is negatively sloped and the LM curve is positively sloped
A) an increase in government expenditures will raise real GDP and lower interest rates. B) a fall in the real money supply will raise real GDP and lower the interest rate. C) an increase in taxes and an increase in money supply will lower the interest rate and give little or no change in real GDP. D) an increase in taxes and a fall in the money supply will raise the interest rate and give little or no change in real GDP.