When a demand schedule is drawn in a graph:
a. price is measured on the vertical axis
b. quantity is measured on the horizontal axis.
c. other variables are held constant.
d. all of the above are correct.
d
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What all "New Classical" models have in common is the assumption of
A) imperfect information. B) continuous clearing of product and labor markets. C) the primary importance of technological and supply shocks in causing business cycles. D) downward nominal wage rigidity. E) countercyclical real wages.
Total surplus is
A. the sum of consumer’s surplus plus producer’s surplus. B. the consumer’s surplus minus the producer’s surplus. C. the product price minus the sum of consumer’s surplus and producer’s surplus. D. consumer surplus minus marginal utility of the produce.
Political instability is a deterrent to long-term private investment
Indicate whether the statement is true or false
The short-run supply curve for a firm in a perfectly competitive market is
a. horizontal. b. likely to slope downward. c. determined by forces external to the firm. d. the portion of its marginal cost curve that lies above its average variable cost.