Which of the following is the term that defines the relationship between price and quantity supplied?
a. negative
b. law of demand
c. ceteris paribus
d. equilibrium
e. willingness to pay
f. willingness to accept
g. marginal benefit
h. None of the above.
Ans: h. None of the above.
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A) a minimized B) a maximized C) an explicit D) an implicit E) an invisible
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a. producers continuously enter the market freely. b. the market grows to a profitable level. c. economic profits are driven to zero. d. products are free.
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What will be an ideal response?