On the supply curve:
A. quantity goes on the horizontal axis and price goes on the vertical axis.
B. quantity goes on the vertical axis and price goes on the horizontal axis.
C. both quantity and price go on the horizontal axis.
D. it doesn't matter which axis price and quantity are placed on.
A. quantity goes on the horizontal axis and price goes on the vertical axis.
You might also like to view...
While you were an intern you bought 5 packages of hot dogs a month. After acquiring a full-time job with a considerably higher salary, you stopped purchasing hot dogs. For you, hot dogs are a
a. Complementary good b. Normal good c. Inferior good d. Substitute good
According to the new classical school, if macroeconomic policy is perfectly predictable, then the aggregate supply curve and the Phillips curve must be vertical in both the short run and the long run
a. True b. False Indicate whether the statement is true or false
In a typical month, a family buys six bags of candy bars as snacks when the price of a bag costs $4.00. When the price of the candy bars falls to $3.00 a bag, the family buys seven bags of candy bars a month. When the price of a bag of candy bars rises
to $6.00, the family buys three bags a month. Answer these questions: (a) How did the fall in the price affect real income in terms of bags of candy bars? (b) How did the rise in the price affect real income in terms of bags of candy bars? [Hint: How many bags of candy bars could the family buy in situation (a) and in situation (b) without changing the amount they spend on candy bars in a typical month? Please provide the best answer for the statement.
The cross-price elasticity of demand for peanut butter and jelly is likely:
A. a negative number. B. less than one. C. a positive number. D. a very high positive number.