The market supply curve indicates the
A. maximum prices that buyers are willing and able to pay for the product.
B. total revenues that sellers would receive from selling various quantities of the product.
C. minimum acceptable prices that sellers are willing to accept for the product.
D. total amount that buyers will pay in buying a given quantity of the product.
Answer: C
You might also like to view...
Above-normal returns on stock investments can be expected by investors who
A) possess insider information. B) are wealthy enough to hold the stock of many different companies in their portfolios. C) are risk seeking. D) concentrate their investments in one or two stocks.
Explain why returns on assets compensate for systematic risk but not for idiosyncratic risk.
What will be an ideal response?
Economist C says all of the following: Expansionary fiscal policy is needed to raise aggregate demand and remove the economy from a recessionary gap. The choice of fiscal policy measures is between ________________ government spending and a _______________ in taxes. Since I am in favor of bigger government, I choose a(n) _________________ in _________________
A) less; decrease; increase; government spending B) more; decrease; increase; government spending C) less; rise; decrease; government spending D) less; reduction; increase; taxes E) b or d
If consumers can easily switch to a close substitute when the price of a good increases, demand for that good is likely to be:
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.