Define the quantity supplied of a good or service
What will be an ideal response?
The quantity supplied of a good or service is the amount of the good or service that firms plan to sell in a given period of time at a specified price.
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Suppose the lack of agricultural land is a key reason for the slow economic growth of Lithasia. This argument claims that:
A) geography is the fundamental cause of slow economic growth in Lithasia. B) stock of physical capital is a fundamental cause of slow economic growth in Lithasia. C) stock of human capital is a proximate cause for slow economic growth in Lithasia. D) geography is a proximate cause of slow economic growth in Lithasia.
A dominant strategy is
A) a strategy chosen by two firms that decide to charge the same price or otherwise not to compete. B) a strategy that is the best for a firm no matter what strategies other firms use. C) a strategy that is obviously the best for each firm that is a party to a business decision. D) an equilibrium where each firm chooses the best strategy, given the strategies of other firms.
If a firm in a competitive labor market offers less than the market wage rate, it will
A. find that it has broken a federal wage law. B. find that the supply is greater than the demand. C. attract too few employees. D. be able to attract a large number of employees because the marginal revenue product is low.
Arnold is considering purchasing a business for $100,000 . It will pay him an annual return of $8,000 . If the interest rate is 10 percent, should he buy the business? What if the interest rate was 6 percent?