A typical supply curve has
a. slope equal to zero.
b. slope equal to infinity.
c. negative slope.
d. positive slope.
e. constant slope.
d
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Once a firm incurs diminishing marginal returns, total product will begin to decline as more of the variable input is employed
Indicate whether the statement is true or false
The Consumer Price Index (CPI) excludes goods imported from other countries and consumed by residents of the United States
a. True b. False
Which of the following is an illustration of the backward-bending supply curve? a. Alex Maxwell is cutting down on the number of hours he works a week because the wage rate he receives has increased
b. Tim Duncan's wage rate is so high that he cannot stop working (playing professional basketball) even though he would like to retire. c. The more Patrick Roy works, the higher is his opportunity cost. d. Steve Hymer quits work because he feels that the employer is paying him a wage rate below his MRP. e. Unskilled workers who do hard (back bending) work earn wages that are considerably below average.
The area above the market supply curve and below the market price
A) is equal to the total cost of production.
B) is equal to the total amount of producer surplus in a market.
C) is equal to the total amount of economic surplus in a market.
D) is equal to the marginal cost of the last unit produced.