Which of the following corresponds to the definition of the supply curve?
a. It depicts a positive relationship between income and quantity supplied
b. It depicts a positive relationship between technology and prices
c. It depicts a positive relationship between prices and quantity supplied
d. It depicts a negative relationship between prices and quantity supplied
e. It depicts a proportional relationship between prices and quantity supplied
C
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Opportunity cost cannot be measured in money terms, only in conceptual terms.
Answer the following statement true (T) or false (F)
In the figure below, if the market is a monopoly rather than perfectly competitive, the deadweight loss equals ________.
A) area A.
B) area B.
C) area C.
D) area A + area B.
When there is only one buyer in the market
A) a closed shop exists. B) a monopsony exists. C) then the market will be perfectly competitive. D) the supply curve for the good will be perfectly elastic.
A monopolist faces a horizontal demand schedule.
Answer the following statement true (T) or false (F)