The law of supply states that there is a positive relationship between price and quantity supplied, ceteris paribus
Indicate whether the statement is true or false
TRUE
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In the short run, a perfectly competitive firm can experience which of the following?
i. an economic profit ii. an economic loss but it continues to stay open iii. an economic loss equal to its total fixed cost when it shuts down A) only i B) i and ii C) i and iii D) ii and iii E) i, ii, and iii
Which of the following will be excluded from the measurement of gross domestic product (GDP)?
a. The market value of automobiles purchased by the federal government b. The market value of California wine purchased by a Canadian firm c. The payment of employees' medical insurance d. The market value of computers purchased by state governments e. The market value of transactions in the underground economy
If unemployment is above the natural rate, GDP is below potential output
a. True b. False
Opportunity cost:
A. is the same as sunk cost. B. includes only monetary expenses. C. is nonexistent for some choices. D. is the net benefit forgone by not undertaking the next best alternative.