The law of supply includes the statement "other things being equal." These other things include all of the following EXCEPT
A) resource prices.
B) technology.
C) producers' expectations.
D) consumer's income.
D
You might also like to view...
Throughout history, governments have used price controls to
A. protect buyers. B. protect sellers. C. serve the “public interest.” D. All of these responses are correct.
What is the Herfindahl-Hirschman Index if the four firms in an industry account have market shares of 62 percent, 15 percent, 15 percent, and 8 percent?
A) 100 B) 4,358 C) 111,600 D) 2,822 E) 6,200
Were the price of gasoline to permanently increase by 10% overnight and stay there for the foreseeable future. Other things constant,
A) the demand for gasoline would fall immediately. B) the quantity demanded for gasoline would fall immediately. C) the quantity demanded for gasoline would fall more dramatically over time D) the quantity demanded for gasoline would remain unchanged, because cars can only be run on gasoline.
The bargaining power of buyers increases if
A) the input in question is not a critical component of production. B) there are wide variations in the quality of inputs from supplier to supplier. C) there are many large buyers. D) the input in question has few substitutes.