"Other things equal, when the price of a good rises, the quantity supplied of the good also rises, and when the price falls, the quantity supplied falls as well.". This relationship between price and quantity supplied
a. is referred to as the law of supply.
b. applies only to a few goods in the economy.
c. is represented by a downward-sloping supply curve.
d. All of the above are correct.
a
You might also like to view...
All of the following are assumptions of the classical model EXCEPT
A) inflexible wages. B) self-interest of economic actors. C) pure competition. D) absence of money illusion.
The expectation of a higher inflation rate will cause: a. the short-run Phillips curve to become vertical. b. the short-run Phillips curve to shift leftward
c. a movement up along a short-run Phillips curve. d. the short-run Phillips curve to shift rightward.
Which of the following is a noncash transfer?
A. A payment to a divorced mother under TANF. B. SNAP (food stamps). C. A social security payment to a retiree. D. Unemployment compensation benefits.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30