Supply shows
a. the quantity offered for sale at every possible price.
b. the quantity people will buy at every possible price.
c. the changes in quantity.
d. how price changes when people buy more.
a. the quantity offered for sale at every possible price.
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Suppose the Oakland Raiders football team increases their season ticket prices and total revenue from ticket sales falls, but not to zero. This fact means that the demand for Raiders tickets is
A) inelastic. B) elastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
Refer to Figure 17-1. Suppose that the economy is currently at point A, and the unemployment rate at A is the natural rate. What policy would the Federal Reserve pursue if it wanted the economy to move to point C in the long run?
A) Increase the money supply. B) Buy treasury bills. C) Lower the discount rate. D) Sell treasury bills. E) No policy will move the economy to point C in the long run.
A perfectly competitive firm has no control over the
a. quantity of output produced b. quantities of inputs used c. price of the product d. type of good produced e. types of inputs used
Carlos Silva, a Colombian singer, goes on tour to the United States for one month, following high American demand for his live shows. Assuming that all the show's expenses are paid by the U.S. promoters, other things equal, the U.S. tour will bring about:
a. a decreased supply of Colombian pesos in the foreign exchange market. b. an increased supply of American dollars in the foreign exchange market. c. an increased supply of Colombian pesos in the foreign exchange market. d. a decreased demand for Colombian pesos in the foreign exchange market. e. an increased demand for American dollars in the foreign exchange market.