The expression "increase in quantity supplied" is illustrated graphically as a
A) leftward shift in the supply curve.
B) rightward shift in the supply curve.
C) movement up along the supply curve.
D) movement down along the supply curve.
C
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A monopolist determines the profit-maximizing output
A) at the point at which TR = TC. B) at the point at which MR = MC. C) at any point it wants because it is the only producer of the product. D) at the point at which TR is maximum.
The U.S. trade deficits of the 1980s and 1990s may represent a problem because they will require
A. higher consumption in the future in order to increase imports. B. lower consumption in the future in order to repay interest and principal to foreigners. C. lower consumption in the future in order to finance increased investment. D. higher budget deficits in the future in order to increase the trade surplus.
A firm will hire a unit of input up to the point where
A) the marginal cost of the input equals the marginal cost of output. B) the marginal revenue product of the input is equal to the marginal factor cost of the input. C) the price of the input is equal to the price of output. D) the marginal physical product of the input is equal to the price of output.
From 1995 to 2007 in the U.S., the median and average family wealth adjusted for inflation both:
A. Increased rapidly but fell sharply from 2007 to 2010 B. Stayed roughly the same, then rose from 2007 to 2010 C. Stayed at about the same level, then fell sharply from 2007 to 2010 D. Increased slowly, then accelerated from 2007 to 2010