The market supply curve of a resource is
a. downward sloping
b. upward sloping
c. horizontal at the market price
d. vertical
e. determined by firms
B
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According to the cost disease of the personal services, service activities that require direct personal contact
A. tend to fall in price relative to other goods and services. B. tend to rise in price relative to other goods and services. C. follow price patterns similar to other goods and services. D. tend to move up and down in price ignoring the rest of the market.
When the implicit cost of capital is positive, then the:
a. firm's accounting profit will be less than its economic profit. b. firm's economic profit will be less than its accounting profit. c. firm's explicit costs will be zero. d. firm is incurring no opportunity costs
A reason why agricultural cartels are not as effective as the Organization of Petroleum Exporting Countries (OPEC) is that non-member countries can
A. increase their supply of crops but not their oil supply. B. decrease their oil supply but not their supply of crops. C. increase their oil supply but not their supply of crops. D. decrease their supply of crops but not their oil supply.
The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a dozen eggs?
A) 1 2/3 gallons of milk B) 3/5 of a gallon of milk C) $2.50 D) $1.50