Law of Supply
What will be an ideal response?
The claim that, other things equal, the quantity supplied of a god rises when the price of a good rises.
You might also like to view...
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Why is a solution to climate change unlikely to stem from private bargaining between the polluters and the victims? Refer to each of the four types of transactions costs discussed in Chapter 8 to answer the question
What will be an ideal response?
Scarcity refers to the situation in which
A) unlimited wants exceed limited resources. B) a country's population is larger than its resource base. C) a nation's poverty level increases faster than its population. D) unlimited resources exceed limited wants.
When potential GDP increases, long-run aggregate supply also increases
Indicate whether the statement is true or false