Matt Taylor is one of the fishermen who comes back to the dock at the end of a fishing day with 720 fish in his boat. He and 40 other fishermen crowd the dock with their fish supplies while hundreds of people, eager to buy fish, make their demands felt on the market. Matt knows that for that fishing day
a. price cannot change
b. the market-day supply curve is vertical
c. the market-day demand curve is vertical
d. quantity demanded is fixed
e. his short-run supply curve is upward sloping
B
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The slope of a straight line increases as the numbers on the x-axis become larger
Indicate whether the statement is true or false
If the consumer price index (CPI) rises over a year from 220 to 230, then the inflation rate is 10 percent
a. True b. False Indicate whether the statement is true or false
As more firms enter the market,
a. individual firms produce more b. advertising increases c. demand curves become more elastic d. demand curves become more inelastic e. cross elasticities among the goods in the market decrease
The willingness of firms to hire labor is represented by the market labor demand curve.
Answer the following statement true (T) or false (F)