An increase in demand will cause an increase in price, which will cause an increase in quantity supplied
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
In the circular flow model, firms purchase in the
a. money market and sell in the product market b. product market and sell in the resource market c. resource market and sell in the money market d. product market and sell in the product market e. resource market and sell in the product market
If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $100 per unit. If the instructor is paid $ 20,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. Yes, the MRP of the instructor is lower than the wage. D. No, the wage is higher than the instructor's MRP.
Refer to the above table. When the quantity of labor equals 4, what does the average product equal?
A. 72 B. 216 C. 18 D. 9
When viewed from a worldwide perspective, extreme poverty equates to people living on
A) less than $1 or $2 per day B) less than $10,000 per year C) at the bottom 10 percent of their countries' income distribution D) at the bottom 10 percent of worldwide income