The market supply curve of a good:
a. is the horizontal sum of all the individual supply curves of the good.
b. is the vertical sum of all the individual supply curves of the good.
c. is always steeper than the individual supply curves of the good
d. is always flatter than the individual supply curves of the good.
a
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You're traveling in Japan and are thinking about buying a new kimono. You've decided you'd be willing to pay $175 for a new kimono, but kimonos in Japan are all priced in yen
If the kimono you're looking at costs 14,000 yen, under which of the following exchange rates would you be willing to purchase the kimono? (Assume no taxes or duties are associated with the purchase.) A) 24.5 yen per dollar B) 65 yen per dollar C) 80 yen per dollar D) You would purchase the new kimono at any of the above exchange rates.
Before specialization: a. families were largely self-sufficient
b. families produced much more than they could each consume. c. there was a great need for exchange between families. d. families consumed much more than they could each produce. e. families exchanged only goods, not services.
Recall the Application about the effectiveness of committees in making decisions about monetary policy to answer the following question(s). If the monthly unemployment rate increase mentioned in the Application was a temporary aberration, the best economic decision by the committee would be to:
A. increase the money supply to stimulate the economy. B. decrease the money supply to stimulate the economy. C. decrease the money supply to slow the economy down. D. not change monetary policy.
Why does a price increase of a product result in a decrease in the quantity demanded of that product, according to utility analysis?
What will be an ideal response?