The law of supply describes the:
A. inverse relationship between price and quantity supplied.
B. direct relationship between price and quantity supplied.
C. inverse relationship between income and quantity supplied.
D. direct relationship between income and quantity supplied.
B. direct relationship between price and quantity supplied.
You might also like to view...
Compared to the U.S. production function, the European production function is
A) lower. B) the same. C) higher. D) lower than the U.S. production function at low levels of employment and higher than the U.S. production function at high levels of employment. E) higher than the U.S. production function at low levels of employment and lower than the U.S. production function at high levels of employment.
Which of the following statements is most accurate about ownership of household goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles?
a. In 2005, very few "officially poor" Americans owned these goods. b. The same proportion of Americans who were officially poor owned these goods in 2005 in comparison to 1950 . The proportion of officially poor Americans who owned these goods in 2005 was equal to the proportion of all households who owned these goods in 1950. c. A higher proportion of "poor" Americans owned these goods in 2005 compared to the proportion of all U.S. households who owned these goods in 1950. d. The proportion of Americans at the poverty level who owned these goods in 2005 was exactly double the proportion of all households who owned these goods in 1950.
Steel producers offer to sell steel to U.S. auto producers at a much lower price than in the past. As a result one would expect: a. no change in the supply of automobiles
b. an increase in the demand for automobiles. c. an increase in the supply of automobiles. d. a decrease in the supply of automobiles.
voluntary trade
What will be an ideal response?