If the supply of a product increases, then
a. more will be purchased at the same price
b. the price of the product must have declined
c. demand for the good must have increased
d. producers are willing to accept a lower price for each unit sold
e. producers offer less for sale at each possible price
D
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Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 5 million tons of paper B) 3 million tons of steel C) 9 million tons of paper D) 19 million tons of steel
When firms enter a market, the supply increases and price:
A. increases and profits decrease. B. falls and profits increase. C. falls and profits decrease. D. increases and profits increase.
Each of the following is a basic economic role of the government except
A. tax collection. B. spending money. C. regulation of the economy. D. owning most of the means of production.
When supply and demand both increase, equilibrium
a. price will increase. b. price will decrease. c. quantity may increase, decrease, or remain unchanged. d. price may increase, decrease, or remain unchanged.