Give an example of a vertical supply curve and the relationship between price and quantity
Please provide the best answer for the statement.
Some examples of a vertical supply curve include the amount of land in a given area, the number of seats in a stadium or theatre. When the price of these goods increases the quantity supplied is difficult or impossible to change. The amount of land in a given area is fixed and cannot increase regardless of a change in price.
You might also like to view...
Refer to the figure above. What is the consumer surplus when the market is perfectly competitive?
A) $30 B) $60 C) $90 D) $180
If the government issues new government bonds to finance a budget deficit, the real interest rate in financial markets will ________ and investment spending will ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
When Bob's willingness to pay for a cup of coffee is $1, and the price of a cup of coffee is $1:
A. Bob is indifferent about purchasing the coffee. B. Bob will get no surplus by purchasing the coffee. C. Bob will get the same surplus whether he purchases the coffee or not. D. All of these are true.
Suppose your expenses for this term are as follows: tuition: $12,000, room and board: $6,500, books and other educational supplies: $1,500. Further, during the term, you can only work part-time and earn $3,500 instead of your full-time salary of $14,000
What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $13,500 B) $20,000 C) $24,000 D) $30,500