The quantity supplied is the amount firms wish to sell
A. at a particular price (the timeframe is irrelevant).
B. at all possible prices (the timeframe is irrelevant).
C. at all possible prices during a specified period of time.
D. at a particular price during a specified period of time.
Answer: D
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In the summer of 2008, the price of gasoline increased greatly. If the demand curve for gasoline did not shift, which of the following occurred?
A) Drivers received no consumer surplus after the price increase. B) Consumer surplus increased if drivers drove less. C) Consumer surplus decreased. D) If consumers drove the same amount, they received less total benefit. E) Both the marginal benefit from each gallon of gasoline and the consumer surplus from each gallon of gasoline decreased.
Suppose you find $1000 in your attic and decide to deposit it all into your local bank, which must hold 10% as required reserves. The deposit expansion multiplier suggests that this $1,000 "injection" of new money can, in the theoretical limit,
A) increase the money supply by a little more than $1,000. B) increase the money supply by a little less than $1,000. C) increase the money supply by only $1,000. D) increase the money supply by $10,000.
The profit maximizing combination of resources
A) usually involves more of each input hired than the cost minimizing combination of resources. B) usually involves less of each input hired than the cost minimizing combination of resources. C) usually involves hiring more of some resources and less of other resources than the cost minimizing combination of resources. D) is also the cost minimizing combination of resources.
When a person's income doubles, her consumption of each good will double in order for her to stay in consumer equilibrium
a. True b. False Indicate whether the statement is true or false