Graph of the relationship between the prices in the supply schedule and the quantity supplied at those prices
What will be an ideal response?
supply curve
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If too little of a good is being produced in the free market, the production of the good is likely to have a(n) ________ externality
A) positive B) negative C) pecuniary D) absolute
An increase in costs associated with additional security measures taken by the airlines is most likely to lead to:
a. a decrease in equilibrium price and a decrease in equilibrium quantity. b. a decrease in equilibrium price and an increase in equilibrium quantity. c. an increase in equilibrium price and a decrease in equilibrium quantity. d. an increase in equilibrium price and no change equilibrium quantity.
Demand will be more inelastic when
a. the time the consumer has to adjust to price changes is short. b. the price of the good is high. c. the number of good substitutes is large. d. the consumption of the good is not very essential.
The market structure in which there is a single seller of a good or service for which there is no close substitute is
A. monopoly. B. perfect competition. C. monopolistic competition. D. oligopoly.