A supply curve:
a. has a negative slope.
b. is based on the assumption of a stable demand curve.
c. illustrates the negative relationship between price and quantity supplied.
d. illustrates the positive relationship between price and quantity supplied.
e. shifts about in random fashion.
d
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Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is $7?
A) 10 units B) 20 units C) 50 units D) 60 units
Managers can increase firm profits by:
A) increasing revenue only. B) decreasing costs only. C) increasing revenue and decreasing costs. D) none of the above.
When a group of countries agree to share a common currency, they are said to have formed a
A) currency union. B) welfare state. C) monetary alliance. D) monetary cartel.
Assumptions can simplify the complex world and make it easier to understand
a. True b. False Indicate whether the statement is true or false