A schedule of how much of a good people will purchase for a range of possible prices during a specified time period, other things constant, is the definition of
A. demand.
B. supply.
C. an economic market.
D. a purchasing contract.
Answer: A
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The size of the labor force is
A) equal to the size of the population. B) equal to the working-age population. C) less than the number of employed workers if the number of unemployed workers is small enough. D) less than the number of unemployed workers if the number of employed workers is small enough. E) greater than the number of employed workers as long as there are some unemployed workers.
The Long-run average total cost:
A. will rise if there are economies of scale B. assumes all inputs are variable C. will fall under the assumption of diseconomies of scale D. will be a flat line if there are economies of scale
An increase in the real money supply will have its maximum effect on the equilibrium level of GDP when the
A) LM curve is vertical. B) LM curve is horizontal. C) IS curve is vertical. D) IS curve is negatively sloped.
Other things the same, when the price level rises more than expected, some firms will have
a. higher than desired prices, which increases their sales. b. higher than desired prices, which depresses their sales. c. lower than desired prices, which increases their sales. d. lower than desired prices, which depresses their sales.