The graph illustrates the supply of soda. If the price of soda rises from $0.50 a can to $1.50 a can, the quantity of soda supplied
A) increases from 0 cans to 4,000 cans a day.
B) decreases from 4,000 cans to 0 cans a day.
C) remains unchanged because the supply increases not the quantity supplied.
D) increases from 0 to 6,000 cans a day.
E) remains unchanged because the supply decreases not the quantity supplied.
A
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Complementary goods are goods
a. that are consumed jointly b. that are consumed one in place of the other c. for which demand increases when the price of its complementary goods increases d. for which demand decreases when the price of its complementary goods decreases e. that are inversely related
If two restaurants sell many of the same food items but one offers a higher level of service, the service distinction is a form of _____.
(A) Local competition (B) Choice among substitute products (C) Nonprice competition (D) Price fixing
Which of the following is false?
A. The classical economists believed that the economy was basically stable. B. Keynes believed that full employment was a "rare occurrence". C. Keynes argued that the interest rate was the most important factor in determining the level of investment demand in an economy. D. The classical economists used the laws of supply and demand to prove the validity of Say's law.
AFL-CIO stands for:
A. American Federation of Labor-Congress of Industrial Organizations. B. American Federation of Labor-Committee for Industrial Opportunity. C. Assembly of Factory Laborers-Congress of Industrial Organizations. D. Assembly of Factory Laborers-Committee for Industrial Opportunity.