The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:
A) supply.
B) demand.
C) equilibrium.
D) disequilibrium.
Ans: A) supply.
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Wages are used to calculate
A. GDP by the expenditures approach.
B. Net exports.
C. Net subsidies to government enterprises.
D. GDP by the income approach.
When there are economies of scope between two products which are separately produced by two firms, merging into a single firm can:
A. lead to a reduction in sales. B. accomplish a reduction in costs. C. lead to an increase in cost. D. accomplish an increase in sales.
When producers anticipate that the price of their product will increase in the future
A) the supply curve will shift to the right. B) the supply curve will shift to the left. C) the current production will move along on the supply curve. D) they will immediately lobby Congress to adjust prices now.
Describe the three main categories of firms
What will be an ideal response?