A change in quantity supplied of a product is the result of a change in:
A. consumer income.
B. the state of production technology.
C. the cost of producing the product.
D. the price of the product.
Answer: D
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The theory of comparative advantage suggests that a (an)
Surpluses cause prices to rise while shortages cause prices to fall
a. True b. False Indicate whether the statement is true or false
Which of the following is the most frequently used parameter when comparing two economies?
a. Nominal GDP b. Real GDP c. Per capita real GDP d. Currency adjusted GDP
For teenagers, a 10 percent increase in the price of cigarettes leads to a
a. 1 percent reduction in the quantity demanded of cigarettes. b. 4 percent reduction in the quantity demanded of cigarettes. c. 10 percent reduction in the quantity demanded of cigarettes. d. 12 percent reduction in the quantity demanded of cigarettes.