In a supply-demand diagram, the law of supply is illustrated by
a. shifting the supply curve to the right as suppliers expand production and to the left as they contract production.
b. drawing the supply curve so that it slopes upward.
c. showing how the equilibrium point changes as the supply curve shifts.
d. drawing a vertical line at the quantity that producers choose to supply.
b. drawing the supply curve so that it slopes upward.
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Why is it that if an industry is operating under conditions of internal scale economies then the resultant equilibrium cannot be consistent with the pure competition model?
What will be an ideal response?
Which of the following products would be sold in a competitive market?
A) smartphones B) shoes C) Brent crude oil D) motorcycles
The inflation rate in the United States has always been positive
a. True b. False
Is an efficient market allocation fair? Explain