The law of supply implies that
A. Supply curves are flat.
B. A change in a determinant of demand shifts the supply curve.
C. Supply curves are downward-sloping to the right.
D. Supply curves are upward-sloping to the right.
Answer: D
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A firm's total cost in the short run is the sum of its fixed cost plus its variable cost plus its marginal cost
Indicate whether the statement is true or false
The fact that trade policy often imposes harm on large numbers of people, and benefits only a few may be explained by
A) the lack of political involvement of the public. B) the power of advertisement. C) the problem of collective action. D) the basic impossibility of the democratic system to reach a fair solution. E) a cycle of political corruption.
In the 1600s, _____ and _____ emerged as the chief competitors in the race for control of North America
a. Spain; England b. England; Holland c. England; France d. Spain; France
The balance of trade is the value of a nation's ____________
a. goods and service exports times goods and service imports b. goods exports subtracted from goods imports c. goods imports subtracted from goods exports d. net goods imports plus net capital inflows