If a product's price increases, quantity:
a. supplied increases
b. supplied decreases.
c. supplied does not change, but supply does increase.
d. demanded increases.
a
You might also like to view...
A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire?
A. 1 B. 2 C. 3 D. 4
If the average duration of unemployment is increasing, real GDP is most likely
A) beginning to rise. B) remaining stable. C) getting ready to decrease. D) already decreasing.
One option the government has to restore funding to transfer programs such as Social Security is to raise or eliminate the income cap on Social Security payments
Other things equal, this would result in ________ in the after-tax return to capital goods and cause firms and households to accumulate ________ capital. A) an increase; more B) an increase; less C) a decrease; more D) a decrease; less
When an individual firm in a competitive market increases its production, it is likely that the market price will fall
a. True b. False Indicate whether the statement is true or false