Which statement is most likely correct about quantity supplied?
a. When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule.
b. When economists refer to quantity supplied, they are referring to the relationship between a range of prices and the quantities supplied at those prices.
c. Quantity supplied does not change with price.
d. Quantity supplied will increase for one good when the quantity of the other good is increased.
a. When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule.
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A voting procedure in which each voter ranks alternatives and awards more points to higher-ranked alternatives and fewer points to lower-ranked alternatives,
and the alternative which receives the most total points from all voters wins, is known as the A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
Monetarists argue that government deficits financed by monetary expansion cause(s)
A) velocity to increase. B) aggregate demand to increase. C) aggregate demand to decrease. D) no change in aggregate demand or aggregate supply.
Moral hazard
a. makes a free market in insurance hard to operate. b. is the tendency of insurance to encourage the source of risk. c. tends to make the cost of insurance higher and the market for insurance less efficient. d. All of the above are correct.
In the short run, in a perfectly competitive market, a firm will shut down if
A. P > AFC for all levels of output. B. P < ATC for all levels of output. C. ATC > P > AVC for all levels of output. D. P < AVC for all levels of output.