Supply is defined as _______________________________________________.
Fill in the blank(s) with the appropriate word(s).
the schedule of quantities that people would be willing and able to sell at various prices
You might also like to view...
How would an economist go about examining the net costs of immigration? What have recent studies suggested?
What will be an ideal response?
The demand for a commodity is said to perfectly inelastic when:
a. a prominent change in the price level leaves the quantity demanded totally unchanged. b. a small change in the price level affects the quantity demanded to a large extent. c. a change in the price level has an equal impact on the quantity demanded. d. a change in the price level has a negative impact on the quantity demanded.
In the following index: 2003 = 123.3; 2004 = 145.3; 2005 = 111.4; 2006 = 100; 2007 = 94.3, what is the rate of change from 2006 to 2007?
a. 5.7% b. 5% c. 4.3% d. 2.5% e. unable to determine
If the opportunity cost of producing extra units of one good (expressed in terms of the amount of another good given up) remains constant, then the shape of the production possibilities curve is:
A. A straight horizontal line B. A straight downward-sloping line C. An upward-sloping line D. A vertical line