The law of supply states that price and quantity supplied are
A) inversely related, ceteris paribus.
B) directly related, ceteris paribus.
C) not related.
D) fixed.
B
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A nation's real GDP per capita is the ratio of real GDP to population
a. True b. False Indicate whether the statement is true or false
Discuss some of the reasons why monopoly power is considered undesirable.
What will be an ideal response?
Expansionary fiscal policy raises Real GDP more in a closed economy than in an open economy
Indicate whether the statement is true or false
Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the quantity of wheat supplied to decrease from point b to point a?
A. an increase in the price of wheat B. a subsidy for wheat production C. a decrease in the price of wheat D. a tax on wheat production