The term quantity supplied refers to the quantities of a good that sellers are willing and able to sell at all prices
a. True
b. False
Indicate whether the statement is true or false
False
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A market situation where a small number of sellers dominate the entire industry is called:
a. monopolistic competition. b. monopsony. c. monopoly. d. oligopoly.
Political instability is an impediment to development mainly because it:
A. undermines both domestic and foreign investment in a developing country. B. creates cultural and social differences among groups in developing countries. C. produces excessive levels of domestic saving. D. redistributes income.
Over very long periods, U.S. real economic growth averaged around:
A. 5 percent per year. B. 7 percent per year. C. 3 percent per year. D. 1 percent per year.
Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A. a barrier to entry from owning an important resource. B. monopoly due to government restrictions. C. a barrier to entry from scale economies. D. monopoly due to governmental entry restrictions.