"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product
B. The cost of producing each unit of the product
C. The total revenues that sellers receives for selling a given quantity of the product
D. The total amount that buyers pay in order to acquire a given quantity of the product
Answer: A
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There are three goods you are interested in purchasing, X, Y, and Z. You notice that the price of Z has fallen. Given that the cross elasticity between Z and Y is –1.5 and the cross price elasticity between Y and X is 3.0, it would make sense that
a. Y and X are substitutes; X and Z are substitutes b. Z and X are complements; Y and X are substitutes c. Y and X are substitutes; Y is complementary to Z d. X and Z are unrelated; Y is complementary to X e. X and Z are complements; Y and Z are substitutes
List and define any two of the costs of high inflation
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Answer the following statement true (T) or false (F)
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.