Which of the following is a determinant of supply?
A.) Consumer tastes or preferences.
B.) Consumer income.
C.) Prices of the factors of production.
D.) Number of buyers.
C.) Prices of the factors of production.
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Using the figure above, suppose education is provided by public colleges, where tuition is set at $10,000 a year
When the market is in equilibrium, the marginal social benefit is ________, the marginal cost is ________, and the number of students enrolled is ________. A) $25,000; $25,000; efficient B) $25,000; $10,000; inefficient C) $15,000; $25,000; inefficient D) $15,000; $15,000; efficient E) $25,000; $15,000; inefficient
Firms are willing to change the aggregate quantity of output supplied based on price in:
A. the short run only. B. the long run only. C. both the short and long run. D. Price does not affect the quantity that firms supply.
What measure reflects the overall cost of goods and services produced domestically?
If the Consumer Price Index (CPI) had a value of 128 in 2007, this means that during the period between the base year and 2007:
A. All prices increased by 28 percent. B. All prices increased by an average of 1.28 percent. C. Prices of goods and services that the typical consumer buys increased by an average of 28 percent. D. Prices of goods and services that the typical consumer buys increased by an average of 128 percent.