In the long run, the quantity supplied of most goods
a. will increase in almost all cases, regardless of what happens to price.
b. cannot respond at all to a change in price.
c. can respond to a change in price, but the change is almost always inconsequential.
d. can respond substantially to a change in price.
d
You might also like to view...
President Eisenhower considered his main economic task as _______________.
Fill in the blank(s) with the appropriate word(s).
Producers typically face increasing marginal costs of production. Thus, their production possibilities frontier would
A) slope upward. B) bend inward. C) bend outward. D) appear as a straight line.
The advent of Netflix movie streaming and Redbox kiosks renting DVD and Blu-ray movies have virtually demolished the market for video rentals from brick and mortar stores such as Blockbuster. This is an example of
a. creative destruction.
b. derived demand.
c. capital accumulation.
d. the difference between normal and economic profits.
If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate is
A) 5 percent. B) 10 percent. C) 22 percent. D) 25 percent.