The relationship between quantity supplied and the price of output is such that
A) an increase in quantity will automatically lead to a reduction in price.
B) an increase in price will lead to an increase in quantity supplied.
C) an increase in price will produce an inward shift in the supply curve.
D) quantity will decrease as the number of firms increases.
B
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If an economy has a money supply of $200, a velocity of 12, and a price level of $2, the output level must be:
A. 1,200 units. B. 2,400 units. C. 600 units. D. 6,000 units.
What will cause outward shift of the Demand curve for electricity?
a. decrease in price of electricity b .increase in price of A/C c. Increase in price of heating oil d. decrease in price of natural gas e. increase in price of electricity
The average product of capital of producing 2,991 units of output (find point B) in the table below is:Production Function for Good XL*KQMPK=(?Q/?K)APK=(Q/K)LaborCapitalOutputMarginal Product of CapitalAverage Product of Capital900----910575.75.7092032426.716.2093065733.3B9401,07241.526.809501,52445.230.489601,97645.232.939702,39141.534.169802,72433.334.059902,991A33.2391003,0485.730.4891103,016-3.227.4291202,945-7.124.54
A. 73. B. 21.9. C. 37. D. 11.1.
In a perfectly competitive market,
A) firms can freely enter and exit. B) firms sell a differentiated product. C) transaction costs are high. D) All of the above.