Which of the following demonstrates the law of supply?
a. When leather became more expensive, belt producers decreased their supply of belts.
b. When car production technology improved, car producers increased their supply of cars.
c. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters.
d. When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup.
d
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The OLS residuals in the multiple regression model
A) cannot be calculated because there is more than one explanatory variable. B) can be calculated by subtracting the fitted values from the actual values. C) are zero because the predicted values are another name for forecasted values. D) are typically the same as the population regression function errors.
The term "price setter," which describes monopolists, means that a monopolist does not simply take the market price as given but sets its own price within the confines of consumers' willingness to pay
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of satisficing behavior?
a. You continue studying for your economics exam until you believe you'll get a score that's good enough. b. You spend time looking over the lettuce at the grocery store in order to make sure you get the best head of lettuce. c. You clean your room to the point where you think it's clean enough that further time can be used for more productive purposes. d. You carefully plan your day in order to get "the most out of life."
In a two-sided market, an intermediary firm that links groups of producers and consumers is called
A. a platform. B. an oligopoly. C. an end user. D. an operator.