The quantity supplied of a good or service is the quantity that a producer ________ at a particular price during a given time period
A) is willing to sell
B) actually sells
C) needs to sell
D) should sell
A
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Business inventories tend to fall after an unexpected increase in aggregate demand
a. True b. False Indicate whether the statement is true or false
Suppose the own price elasticity of demand for good X is ?0.5, and the price of good X increases by 10 percent. We would expect the quantity demanded of good X to:
A. decrease by 5 percent. B. increase by 20 percent. C. increase by 5 percent. D. decrease by 20 percent.
People's willingness to buy an iPhone or Android phone depends on how popular the smartphone format is among other consumers. This is an example of
A. the prisoners' dilemma. B. a network effect. C. a cartel. D. an opportunity cost.
Answer the following questions true (T) or false (F)
1. Network externalities refer to the situation where the usefulness of a product increases with the number of consumers who use it. 2. A public franchise gives the exclusive right to produce a product for 20 years from the date the product is invented. 3. A virtuous cycle refers to the development of new products that follows when a monopoly earns economic profits.