The supply curve shows the relationship between
A. the demand and supply schedules.
B. price and quantity supplied.
C. income and quantity supplied.
D. quantity demanded and quantity supplied.
B. price and quantity supplied.
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The attempt to capture consumer surplus, producer surplus, or economic profit is called ________
A) a natural monopoly B) price discrimination C) rent seeking D) gouging
In the long run, new firms can enter an industry and so the supply elasticity tends to be
A) more elastic than in the short run. B) less elastic than in the short run. C) perfectly elastic. D) perfectly inelastic.
A perfectly competitive firm is a price
a. giver. b. taker. c. maker. d. leader.
The economy is viewed as operating at full employment:
a. when there is no frictional unemployment. b. when there is no structural unemployment. c. when there is no seasonal unemployment. d. when there is no cyclical unemployment.