The direct relationship between changes in price and changes in quantity supplied is
A. a change in supply.
B. the law of supply.
C. shown by a shift in the supply curve.
D. the law of relative production.
Answer: B
You might also like to view...
Consider two economies: A and B that are completely similar, except their savings rate. The savings rate in economy A is greater than the savings rate in economy B. Which of the following statements is true?
A) Capital accumulation will be faster in economy B in comparison to economy A. B) Capital accumulation will be faster in economy A in comparison to economy B. C) Rate of capital accumulation will be the same in both economies. D) Growth rate in country B is likely to be higher than the growth rate of country A in the long-run.
Pluralistic ignorance exists when
A) the members of a group believe one thing but mistakenly assume that most of the other members believe something else. B) a group of bystanders all agree that something needs to be done but each feels less personal responsibility for taking action because each perceives that there are others who could take action. C) a majority of people in a group do not have the intellectual capacity of arriving at a viable solution to a public goods problem. D) the least-capable member of a group exerts his influence over the rest of the group when trying to arrive at a decision on how to internalize an externality.
U.S. prisoners of war during World War II used cigarettes as a medium of exchange
Indicate whether the statement is true or false
When a tax is imposed on a good for which the supply is relatively elastic and the demand is relatively inelastic,
a. buyers of the good will bear most of the burden of the tax. b. sellers of the good will bear most of the burden of the tax. c. buyers and sellers will each bear 50 percent of the burden of the tax. d. both equilibrium price and quantity will increase.