The relationship between quantity supplied and price is usually
A) an inverse relationship.
B) a direct relationship.
C) a negative relationship.
D) impossible to determine.
B
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A reduction in the rate of inflation is referred to as
A) disinflation. B) deflation. C) recession. D) unemployment.
In the simple Keynesian model, total savings equals
a. total investment minus the budget deficit. b. total planned and unplanned investment. c. planned investment. d. planned investment plus the budget deficit. e. none of the above.
If Canada has an absolute advantage over Denmark in the production of wood, this implies that
a. it requires fewer resources in Canada than in Denmark to produce wood b. the opportunity cost of producing wood in Canada is lower than in Denmark c. Denmark does not benefit by trading with Canada d. Canada should buy wood from Denmark e. Canada does not benefit by trading with Denmark
If aggregate supply is totally price inelastic, an increase in aggregate demand will:
a) Increase price but not output b) Increase output but not price c) Increase output and price d) Decrease output and price