The law of supply
A. states that price and quantity supplied are inversely related.
B. states that price and quantity supplied are directly related.
C. is identical to the law of demand.
D. None of these choices are correct.
B. states that price and quantity supplied are directly related.
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If the demand for cucumbers falls when the price of tomatoes rises, then we know that tomatoes and cucumbers are:
A. substitutes B. normal goods C. inferior goods D. complements
"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?
A. benefits-received B. inexpensive-to-collect C. ability-to-pay D. fairness of contribution
"Bank failure may not be limited to banks that have mismanaged their assets." Explain why?
What will be an ideal response?
A perfectly competitive industry has
a. A perfectly elastic demand curve b. A perfectly elastic supply curve c. A downward sloping demand curve d. A downward sloping supply curve