Total market supply can be derived by
A. adding up the largest quantity demanded at various prices.
B. horizontally summing individual supply curves at each and every price level.
C. vertically summing individual supply curves at the current technology level.
D. looking at the changes in the price of raw materials needed to produce the product.
Answer: B
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If the marginal propensity to consume (MPC) is 0.75 and government purchases increase by $200 billion, then
A) equilibrium real Gross Domestic Product (GDP) will increase by $50 billion. B) the effect on equilibrium real Gross Domestic Product (GDP) cannot be determined from the given information. C) equilibrium real Gross Domestic Product (GDP) will increase by $800 billion. D) equilibrium real Gross Domestic Product (GDP) will increase by $200 billion.
What is a monopsony and why is a monopsony able to pay a lower wage rate than a firm in a competitive labor market?
What will be an ideal response?
Although Thomas Edison invented the lightbulb in 1879, by 1907 only ___ percent of U.S. homes had electricity
a. 8 b. 20 c. 38 d. 50
Excess reserves are
a. checking deposits that are included in the M1 money supply but not the M2. b. savings deposits that are included in the M2 money supply but not the M1. c. actual reserves held by banks that exceed the legal requirement. d. the portion of deposits that banks are required by the Fed to hold as reserves against their deposits.