The supply curve represents the relationship between:
A. price and quantity supplied with everything else held constant.
B. income and quantity supplied with everything else held constant.
C. consumer preferences and quantity supplied with everything else held constant.
D. income and price supplied with everything else held constant.
A. price and quantity supplied with everything else held constant.
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Technological changes that increase the productivity of skilled workers relative to that of unskilled workers are referred to as:
A) skill-biased technological changes. B) labor-saving technological changes. C) unskilled-biased technological changes. D) labor-complementary technological changes.
Explain the economic idea that "people respond to incentives."
What will be an ideal response?
Input productivity refers to the amount of output produced per unit of the input.
Answer the following statement true (T) or false (F)
The top 1 percent share of income in the United States was only ________ percent in 1978 as compared to ________ in 2007.
A. 5.2; 36 B. 1.09; 13.44 C. 7.55; 22.49 D. 3.45; 10.76