Which of the following states the definition of supply?
a. More of a good is supplied at a lower price.
b. There is a positive relationship between the price of a good and the quantity that buyers purchase.
c. There is a positive relationship between the price of a good and the quantity offered for sale by suppliers.
d. There is a negative relationship between the price of a good and the quantity offered for sale by suppliers.
c
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The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, the potential loss from job search in Midland city is
A) $60 million. B) $120 million. C) $40 million. D) zero.
Many people have observed that retail gas stations tend to operate very closely to one another. Explain the logic behind having a gas station at each corner of an intersection
What will be an ideal response?
Which of the following is the best definition of economics?
a. An investigation of the quantities and prices of the various goods produced by the nations of the world. b. A study of why inflation and unemployment periodically plague the U.S. economy. c. An analysis of how individuals and societies deal with the problem of scarcity. d. An examination of the role that money plays in the economy. e. A study of how goods and services are distributed throughout the world.
During World War II, Hitler would often order his army to hold a particular town or river "at all costs." Was this rational? If so, explain. If not, indicate which economic idea it violated