The_____________is the principle that suppliers will normally offer more for sale at higher prices than lower prices.
Fill in the blank(s) with the appropriate word(s).
Ans: Law of Supply
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The unemployment rate is measured as
A) the number of people that want to work but cannot find jobs out of the entire population. B) the percentage of people in the labor force who are unemployed. C) an indicator to determine long-term economic growth. D) an indicator for potential inflation.
"Supply" is best defined as the relationship between:
A) the current price of a good and the quantity supplied at that price. B) the price of a good or service and the quantity supplied by producers at each price during a period of time. C) the cost of producing a good and the price consumers are willing to pay for it. D) the quantity supplied and the price people are willing to pay for a good.
The basic problem in economics is
A. unlimited resources. B. differences in people's tastes and preferences. C. scarcity. D. limited needs.
Perfect competition and monopolistic competition are similar in that firms in both types of market structure will
A) act as price takers. B) produce a level of output where price equals marginal cost. C) earn zero profit in the long run. D) act as price setters.