According to the law of supply:
a. there is an inverse relationship between price and quantity demanded.
b. there is a direct relationship between price and quantity demanded
c. there is an inverse relationship between price and the quantity supplied.
d. there is a direct relationship between price and the quantity supplied.
d
You might also like to view...
Which of the following correctly describes the relationship between economic efficiency and economic equity?
A) There is often a trade-off between the two. B) There is no conflict between the two goals. C) They always call for opposite outcomes. D) They are both automatically achieved in a free market economy.
Refer to Figure 11-6. In the figure above which letter represents the marginal cost curve?
A) A B) B C) C D) D
The United States has a trade ________ with all its major trading partners and a trade ________ with every region of the world except for Latin America
A) deficit; deficit B) deficit; surplus C) deficit; balance D) surplus; deficit E) surplus; surplus
Suppose that flu shots create a positive externality equal to $20 per shot. What is the relationship between the market equilibrium output level and the efficient equilibrium output produced? a. They are equal
b. The market equilibrium output level is greater than the efficient equilibrium output level. c. The market equilibrium output level is less than the efficient equilibrium output level. d. None of the above.