A seller's willingness to sell:
A. is the maximum price that a seller is willing to accept in exchange for a good or service.
B. is his or her reserved minimum bid-price.
C. is the minimum price that a seller is willing to accept in exchange for a good or service.
D. must always equal the buyer's willingness to buy.
Answer: C
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In understanding and analyzing "market supply," we focus on how much all firms
A. will supply in the future at various prices. B. want to supply at a given price. C. are willing and able to supply at different prices. D. have sold in the recent past at various prices.
Barriers to entering an industry ________.
A. encourage allocative efficiency B. are characteristic of a pure monopoly C. encourage productive efficiency D. apply only to pure monopolies
A market demand curve measures
A) how much a consumer is willing to pay for an additional unit of the good. B) the marginal social benefit of an additional unit of the good. C) the marginal social cost of an additional unit of the good. D) Both answers A and B are correct.
A decrease in the price level will result in:
a. a downward shift of the AD curve. b. an upward shift of the AD curve. c. a movement up the AD curve. d. a steeper slope of the AD curve. e. a movement down the AD curve.