The supply curve for a good can be thought of as
A. a graphical display of “market potential.”
B. a graphical representation of the data in a supply schedule.
C. showing the maximum quantities that firms are able to produce.
D. a forecasting tool.
E. All of these responses are correct.
Answer: B
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Suppose two countries have per capita real GDP of $20,000 in 2012. Country A has a growth rate of 4 percent and Country B has a growth rate of 5 percent. By 2015, the per capita real GDPs for the two countries, respectively, are (rounded)
A) $21,630 and $22,050. B) $22,400 and $23,000. C) $22,500 and $23,150. D) $25,000 and $26,500.
An increase in supply will cause a decrease in price, which will cause an increase in demand
a. True b. False Indicate whether the statement is true or false
Which of the following is antitrust legislation?
A. Lanham Act B. Securities and Exchange Act C. Sherman Act and Lanham Act D. Sherman Act
Intraindustry trade relies on
A) economies of scale. B) the product cycle. C) differences in factor endowments. D) monopoly pricing.