The supply curve graphically illustrates
a. the difference between the current supply of a good or service and the potential supply producers are capable of producing.
b. the difference between the current supply of a good or service and the potential amount consumers are willing to purchase.
c. the quantity of a good or service producers are willing to supply at alternative prices.
d. the quantity of a good or service consumers will purchase at alternative prices.
c. the quantity of a good or service producers are willing to supply at alternative prices.
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All economic activity in the underground economy represents the production of illegal goods and services
Indicate whether the statement is true or false
Suppose a perfectly competitive firm is producing 1,000 units of output and the marginal cost of the 1,000th unit is $7. If the firm can sell each unit of output for $7 and the firm's revenue is sufficient to cover its variable cost, the firm should:
A. leave production unchanged. B. decrease production to lower losses. C. increase price to increase profits. D. increase production to increase profits.
One reason for the short-run aggregate supply curve (SRAS) is:
A. a fixed CPI market basket. B. perfect knowledge of workers. C. fixed-wage contracts. D. the upward-sloping production function.
About what price per barrel of oil is necessary for biodiesel to become economically viable as an alternative energy source?
A. $30 per barrel B. $50 per barrel C. $100 per barrel D. $80 per barrel