How does a change in quantity supplied differ from a change in supply?
A) A change in quantity supplied shifts the supply curve; a change in supply is a movement along the curve.
B) A change in one of the ceteris paribus conditions affects quantity supplied, not supply.
C) A change in the price affects quantity supplied, not supply.
D) There is no difference.
C
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Define trade surplus and trade deficit
What will be an ideal response?
Describe traditional knowledge and how it relates to current trade issues about intellectual property rights protection
What will be an ideal response?
If marginal revenue and marginal cost are not equal, profit can be maximized by
a. increasing output if MR > MC. b. decreasing output if MC > MR. c. moving to the output where the slopes of TR and TC are equal. d. All of the above are correct.
Which one of the following statements is TRUE of the Consumer Price Index (CPI)?
A. It does not take account of the price of imported goods and services. B. It measures changes in prices of a fixed basket of goods. C. It does not take into account the price of used goods. D. It understates the true rate of inflation.