The law of supply states that more of a good will be supplied the lower its price, other things constant.
Answer the following statement true (T) or false (F)
False
The law of supply states that the amount of a good supplied is positively related to a good's price.
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Trend refers to
A) increases but not decreases of a variable. B) the difference between the maximum value of the variable and the minimum value of the variable. C) a general tendency for a variable to rise or fall. D) the scale used on the x- and y-axes. E) decreases but not increases of a variable.
Deadweight loss is the decrease in ________ from producing an inefficient amount of a product
A) only consumer surplus B) only producer surplus C) consumer surplus and producer surplus D) profit
For third-party certification to overcome the problem of ________, consumers must believe that it is ________.
A) adverse selection; unbiased B) adverse selection; biased C) moral hazard; unbiased D) moral hazard; biased
Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase b. the demand for honey to decrease c. the quantity demanded of honey to decrease d. the price of honey to decrease e. the quantity demanded of honey to increase