The law of supply indicates that an increase in price will cause an increase in supply which is reflected graphically as a rightward shift of the supply curve
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Explain whether the following are examples of externalities
a. Alisha did not sleep well because her neighbor was playing loud music. b. Rochelle was late for a job interview because her alarm did not go off. c. José, who is allergic to pollen, is sick from the flowers that grow in his garden.
“Peak pricing” involves setting lower prices at peak times so that people can afford a good or service.
Answer the following statement true (T) or false (F)
Which nation listed below is successfully transitioning from a planned economy to a hybrid market economy?
a. People's Republic of China. b. Japan. c. United Kingdom. d. United States.
Suppose that a consumer purchases just two goods, X and Y. The slope of the budget line would indicate the:
A. Opportunity cost of good Y in terms of good X given up for each unit of Y B. Opportunity cost of good X in terms of good Y given up for each unit of Y C. Maximum quantity of good Y that the consumer could buy with a given budget D. Maximum quantity of good X that the consumer could buy with a given budget