The amount of a good sold in a market at a particular price cannot exceed the quantity
A. demanded at that price.
B. supplied at that price.
C. sold when there is a price floor.
D. sold when there is a price ceiling.
Answer: B
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Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer. B) the ability to produce a good or service at a higher opportunity cost than any other producer. C) compared to others you are better at producing a product. D) the ability to produce more of a product with the same amount of resources than any other producer.
We collapse the consumer's current-period and future-period budget constraints into a single lifetime budget constraint by
A) assuming no default. B) substituting for savings. C) eliminating consumption smoothing. D) assuming the consumer knows the future.
A price system is considered to be efficient when
A) it fails to have the goods that consumers want. B) an underground market develops. C) all resources are allocated to the highest-valued uses. D) firms produce more than what consumers want.
Change in Quantity Supplied
What will be an ideal response?