When the price of a good rises, there is
A) an increase in supply.
B) a decrease in supply.
C) a decrease in quantity supplied.
D) an increase in quantity supplied.
Answer: D
You might also like to view...
Let the production function be q = ALaKb. Returns to scale are equal to
A) a ? b. B) a + b. C) La + Kb. D) A ? L.
Think of the quantity theory of money: If V = 5, P = 100, and Q = 10, then M is
a. 20 b. 10 c. 500 d. 1,000 e. 200
The unreported or illegal production of goods and services in the economy that is not counted in GDP is called
a. money laundering b. the underground economy c. net personal disposable income d. indirect national income e. unreported capital consumption
Other things remaining the same, in the long-run as compared to the short-run
A. supply elasticity will decrease. B. supply elasticity will increase. C. supply elasticity will remain the same. D. one cannot tell.