Which of the following statements best represents the law of supply?
A) Price and quantity supplied are inversely related.
B) Price and quantity supplied are directly related.
C) Price and quantity supplied are inversely related, ceteris paribus.
D) Price and quantity supplied are directly related, ceteris paribus.
E) Price and supply are directly related, ceteris paribus.
D
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Figure 9.1 shows three aggregate demand curves. A movement from curve AD0 to curve AD1 could be caused by a(n)
A) decrease in government spending. B) decrease in the money supply. C) decrease in the price level. D) decrease in taxes.
The figure above shows the market for umbrellas in Sunville. What is the marginal social benefit that Sunville consumers receive from the 200th umbrella bought?
A) $23.33 B) $30.00 C) $26.67 D) $50.00
Investment, as defined for calculating GDP, consists of only two components: business spending on plant and equipment and unsold inventories
a. True b. False
What are indivisible inputs and what are their implications for economies of scale?
What will be an ideal response?