What is the difference between the quantity supplied of corn and the supply of corn? What could cause a rise in the quantity supplied of corn, and what could cause a rise in the supply of corn? How would these changes be shown graphically using a supply curve?
What will be an ideal response?
The quantity supplied of corn is the number of bushels that corn farmers want to sell under the current market conditions, while the supply of corn is a set of price-quantity pairs showing the amounts that farmers wish to sell at various hypothetical prices. According to the law of supply,
a rise in the price of corn will cause a rise in the quantity supplied of corn. Non-price factors that positively affect corn growers (such as improved weather conditions, better agricultural technology, and lower costs of fertilizer, seed, labor, and other inputs) would cause a rise in the supply of corn. A rise in quantity supplied is shown by moving up and to the right along the supply curve, and a rise in supply is shown by shifting the supply curve down and to the right.
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Decisions by depositors to increase their holdings of ________, or of banks to hold excess reserves will result in a ________ expansion of deposits than the simple model predicts
A) deposits; smaller B) deposits; larger C) currency; smaller D) currency; larger
Tariffs discourage imports by making imported products more expensive to consumers
a. True b. False Indicate whether the statement is true or false
data show that among the firms that produce bananas, dole has 26% of sales, del monte has 14% of sales, fyffes has 8% of sales and nabob has 5% of sales. all other firms has the rest of sales. this information suggests that:
a) firms in the industry are "price takers" b) the firms in the industry are likely to engage in strategic behaviors and interaction c) the banana industry has a strong oligopoly d) the industry wold be described as monopolistic competitive e) b and c likely to occur
Disinflation is
A. a sudden change in the normal behavior of inflation, unrelated to the nation's output gap B. a negative inflation rate C. a substantial reduction in the rate of inflation. D. the same as hyper inflation