An increase in supply means that:
a. the supply curve has shifted leftward.
b. there is an upward movement along the supply curve.
c. producers are willing to sell more at each price.
d. there is an downward movement along the supply curve.
c
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Indicate whether the statement is true or false
The Department of Commerce sums the payments made to resources to arrive at GDP in the form of wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called the:
a. opportunity cost approach. b. income approach. c. expenditure approach. d. monetarist approach.
Resource X has many close substitutes, whereas resource Y has no close substitutes. Other things equal, we would expect:
A. the demand for resource Y to be more elastic than the demand for resource X. B. resources X and Y to be close substitutes. C. resource X to be more expensive than resource Y. D. the demand for resource X to be more elastic than the demand for resource Y.