A supply schedule shows the specific quantities of a good that suppliers are willing and able to
a. supply as long as there is a complementary demand
b. produce at different costs
c. supply at different quantities
d. supply at different prices
e. supply
D
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In reality, the wage-gap between two countries will:
A. Always be reduced to zero through migration B. Be greater than zero because of migration costs C. Always be sufficient to cover the marginal costs of migration D. Be smaller the greater the distance between the countries
Unlike a firm in pure competition, a monopolist may be able to
a. block the entry of new firms into the industry. b. continue to earn economic profits in the long run. c. earn economic profits in the short run. d. both block the entry of new firms into the industry and continue to earn economic profits in the long run.
According to many economists who emphasize the connection between productive contribution and economic reward, income inequality
a. can actually make the poor better off in the long run b. has nothing to do with property rights c. promotes efficiency in the use of resources d. is consistent with long-run economic growth e. has a negative effect on savings and investment incentives
Patents represent
A) the protection given to new products by the law. B) how R&D spending translates into new ideas. C) the extent to which firms benefit from the results of their own R&D spending. D) the rate of technological progress.