An upward-sloping supply curve shows that
A. buyers are willing to pay more for a scarce product.
B. suppliers are willing to increase production of their goods if they can receive higher prices for them.
C. buyers are unaffected by sellers’ costs of production.
D. the price of a product is not influenced by the price buyers are willing to pay.
E. at higher prices, an envy effect begins to affect the demand curve.
Answer: B
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The marginal benefit of upgrading from a 2.0GHz computer to a 2.5GHz computer is:
A. $400. B. $1,400. C. $1,000. D. $100.
A dominant strategy ________
A) always results in equal payoffs to all the players in a game B) always results in zero payoff to the opponent C) results in a higher payoff irrespective of the strategy chosen by the other player D) always results in a lower payoff irrespective of the strategy chosen by the other player
The multiplier tells us the relationship between
A) the interest rate and the level of investment expenditure. B) the exchange rate and the level of exports. C) the exchange rate and the level of imports. D) a change in autonomous spending and the resulting change in equilibrium real GDP.
The desire to hold money instead of other assets in anticipation of changes in economic conditions is the ________ motive.
Fill in the blank(s) with the appropriate word(s).