The theory that quantity supplied and price are positively related, other things constant, is referred to as the law of:
A. demand.
B. supply.
C. profit maximization.
D. opportunity cost.
Answer: B
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The most common way for workers to hold market power is when:
A. a monopsony exists. B. they are unionized. C. they compete for minimum wage. D. there are a lot of them.
What will happen when a monopolistic competitive firm increases its price?
a. It will lose all its customers like a perfect competition firm. b. It will lose only a few of its customers like a monopolist. c. It will lose fewer customers than under perfect completion but more than a monopolist. d. It will not lose any customers.
Angelee works for a major corporation overseeing quality control, and she earns $50,000 per year. She uses about ten percent of her pay to purchase household items, such as appliances, and spends another two percent on travel. She buys stock with about five percent of her pay. Explain which of her actions are part of the factor market and why?
What will be an ideal response?
Which of the following contributes to stagflation?
A. Job training programs that train workers to perform economically useful jobs. B. Lowering marginal tax rates. C. Price ceilings. D. Discrimination that prevents the most productive employee from being hired.