Of the following, which is true of the relationship between the quantity of a good supplied and its price?
a. As price increases, the quantity supplied usually decreases.
b. As price increases, the quantity supplied usually increases.
c. As price increases, supply increases.
d. When demand increases, so will supply.
e. They always meet at the point of equilibrium in the market.
B
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A country has a total of 300 million people over the age of 16 who are not in active military or institutionalized. Of those, 200 million have jobs and 20 million are looking for jobs. The unemployment rate is:
A) 2.8% B) 0.0% C) 9.1% D) 2.2%
Which of the following statements is true?
A) Income inequality within most countries has increased during the past 20 years. B) Income inequality across the entire world has decreased during the past 20 years. C) Income inequality within most countries and across the entire world has not changed much during the past 20 years. D) Both A and B are correct. E) None of the above is correct.
If the marginal benefit of consuming another unit of a good is positive, then to reach the allocatively efficient level of output more of the good should be produced and consumed
A) no matter what. B) as long as the consumer can afford to pay for it. C) if the total benefit of the good is greater than its total cost. D) if the marginal benefit of the good is greater than its marginal cost.
Statistical studies indicate that the liquidity trap
A) occurs during most recessions. B) occurs during inflationary periods. C) occurred only during the Great Depression. D) has not occurred.