Explain the difference between a change in quantity supplied and a change in supply.
What will be an ideal response?
A change in quantity supplied of a product is caused by a change in the price of the product. It is represented by a movement along the product's supply curve. A change in supply of a product is caused by a change in a variable other than the price of the product. It is represented by a shift of the supply curve.
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Sustainable development implies that succeeding generations preserve the value of
a. natural capital b. physical investment c. all natural resources d. human capital e. none of the above
The above figure shows the market for apples. If apple farmers convince the government to set a minimum price of $4 per pound, then
A) 100 pounds of apples will be sold at $4. B) no apples will be supplied. C) no apples will be demanded. D) None of the above.
The IMF comprises of 50 member countries including all developed countries, and a few countries of Asia and Latin America
a. True b. False Indicate whether the statement is true or false
If production of a good creates negative externalities, then the market
a. will under produce it b. will over produce it c. must be perfectly competitive d. must be constrained by barriers to entry e. will produce the most efficient quantity