A supply curve illustrates a(n) ____ relationship between ____ and ____
a. direct; price; supply
b. direct; price; quantity demanded
c. direct; price; quantity supplied
d. inverse; price; quantity demanded
c
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Ellen's Painting Services is a perfectly competitive firm that currently paints 10 houses a month and charges $100 per house, which is the going market price
Ellen's marginal cost is positively related with the quantity of service she provides and is currently $120. What should Ellen do to increase her economic profit? Paint more houses? Raise her price? Explain your answer.
There is no shortage of scarce resources in a market economy because
a. the government makes shortages illegal. b. resources are abundant in market economies. c. prices adjust to eliminate shortages. d. quantity supplied is always greater than quantity demanded in market economies.
The lowest quintile of households in the income distribution receives about:
A. 3.2 percent of the total income. B. 3.4 percent of the total income. C. 8.5 percent of the total income. D. 10 percent of the total income.
Under a system of fixed exchange rates, what happens if a country's currency is overvalued?
A. The central bank gains official reserve assets. B. The central bank loses official reserve assets. C. The exchange rate rises. D. The currency appreciates.