The supply curve for umbrellas
A) shows the supply of umbrellas consumers are willing and able to buy at any given price.
B) is downward sloping.
C) shows the relationship between the quantity of umbrellas firms are willing and able to supply and the quantity of umbrellas consumers are willing and able to purchase.
D) shows the relationship between the price of umbrellas and the quantity of umbrellas supplied.
Answer: D
You might also like to view...
When disposable income increases, saving will
A) not change. B) increase, and the supply of loanable funds curve shifts rightward. C) decrease, and there is a movement downward along the supply of loanable funds curve. D) increase, and there is a movement upward along the supply of loanable funds curve. E) decrease, and the supply of loanable funds curve shifts leftward.
The value of marginal product of labor is the change in
A) profit from hiring one more worker. B) output from hiring one more worker. C) total revenue from hiring one more worker. D) profit from producing one more unit of output.
The marginal factor cost (MFC) is the:
a. value of the additional output that an extra unit of a resource can produce. b. additional cost of employing an additional unit of a resource. c. additional cost of producing an additional unit of output. d. the ratio of the total fixed cost to the total cost of production. e. ratio of total cost to the total amount of resources employed.
A monopolistic competitive firm:
a. will always earn monopoly profits. b. will never earn monopoly profits. c. may earn monopoly profits in the short run. d. may earn monopoly profits in the long run.