Which of the following is true of the law of supply?
a. The law of supply is the sole determinant of market prices.
b. The law of supply states that as the price of a good rises, the quantity supplied rises.
c. The law of supply holds good only in the long-run.
d. The law of supply is valid only in a market system of allocation.
e. The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.
b
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The table above shows the marginal private benefit, marginal social benefit, and marginal cost of education at the College of Epsilon. What is the tuition that will make the number of students equal to the efficient number?
A) $400 B) $800 C) $2,800 D) $3,200
In? a(n) ________, the purchaser tries to persuade enough shareholders to go against management and vote to sell.
A. hostile takeover B. leveraged buyout C. acquisition D. merger E. joint venture
The community indifference curves illustrate the technological capabilities of a country.
Answer the following statement true (T) or false (F)
Refer to the above figure. We are currently producing at point c. Which of the following statements is TRUE?
A. The only way to produce more of Goods X or Y is to have an increase in the amount of resources. B. Resources are not being efficiently utilized. C. The Law of Increasing Additional Cost does not hold. D. Resources are being efficiently utilized.