An increase in the quantity supplied of a good is most often due to:
A. lower prices.
B. higher prices.
C. an increase in the price of a substitute.
D. more buyers entering the market.
Answer: B
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A flexible exchange rate is an exchange rate whose value:
A. varies according to supply and demand for the currency in the foreign exchange market. B. reflects the comparative advantage of the home country versus other foreign countries. C. is established annually by the International Monetary Fund. D. is determined by the law of one price.
In a competitive market, a negative externality creates a deadweight loss because
A) the cost of the externality is double counted. B) a harm is generated. C) price equals social marginal cost. D) price equals private marginal cost.
The marginal rate of substitution ____ as one moves downward along the indifference curve
a. increase b. remains constant c. decreases d. increases and then decreases
Biennial budgets have replaced the annual budget process for the federal government
a. True b. False Indicate whether the statement is true or false