As the price of milk increases, producers are normally willing to supply greater quantities. This response is known as the law of
a. supply
b. demand
c. averages
d. variable proportions
e. increasing costs
A
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What is the difference between quantity supplied and supply?
What will be an ideal response?
Coke and Pepsi probably have a:
A. less elastic cross-price elasticity of demand than do Coke and bananas. B. cross-price elasticity of demand that is smaller than do Coke and bananas. C. negative cross-price elasticity of demand. D. more elastic cross-price elasticity of demand than do Coke and bananas.
Banks that wish to borrow required reserves can turn to the federal funds market
a. True b. False Indicate whether the statement is true or false
Ace has always been a top student, so it was no surprise he won a $1,500 scholarship from the company where he worked summers to help with college expenses. Ace decides to spend his scholarship money on a new Apple MacBook. How will GDP be affected by Ace's recent purchases?
A. Consumption will go up by $1,500, because a computer is a nondurable good. B. Consumption will go up by $1,500, because a computer is a durable good. C. Investment will go up by $1,500, because a computer is a durable good. D. GDP will not be affected, since Ace acquired the computer with scholarship money.