The market supply in the short run for the perfectly competitive industry is
A) the same as each producer's supply.
B) the sum of the supply schedules of all firms.
C) divided up according to each firm's selling price.
D) set at the maximum price a buyer will pay for one unit.
E) equal to the average of each firm's supply schedule.
B
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Everything else held constant, a decrease in wealth
A) increases the demand for stocks. B) increases the demand for bonds. C) reduces the demand for silver. D) increases the demand for gold.
A small open economy has a current account balance of zero. A rise in the world real interest rate causes
A) a current account surplus. B) a financial account surplus. C) net borrowing from abroad. D) absorption to exceed income.
Which of the following will cause demand to be relatively elastic?
a. There are few substitutes b. The time interval is relatively long c. The good is considered a necessity d. The good involves a relatively small portion of the consumers' budget e. The time interval is relatively short
A market is classified as a monopsony when there is only one seller of the product
a. True b. False Indicate whether the statement is true or false