Which of the following best defines supply?
a. the amount of a good that producers want to sell at a particular price
b. the amount of a good that consumers will buy
c. the amount of a good that producers are willing and able to sell at each possible price, other things constant
d. the amount of a good that producers are willing to sell at each possible price, other things constant
e. the amount of a good that producers are willing and able to buy at each possible price, other things constant
C
You might also like to view...
Because the minimum wage is not indexed to inflation, when there is inflation the nominal minimum wage ________, and the real minimum wage ________.
A. decreases; remains constant B. increases; decreases C. remains constant; remains constant D. remains constant; decreases
When the firm is at its shutdown price
a. it has losses equal to fixed costs. b. break-even line right at bottom of MC c. shut down price is below AVC d. all of the above
Information on the price elasticity of demand is particularly important to managerial decision making because:
A) the higher the price elasticity of demand for a product is, the more profitable it will be to produce more of it. B) depending on the elasticity coefficient, decision makers will immediately know if a price change will cause profits to increase or decrease. C) it allows one to predict how total revenue will respond, i.e., increase or decrease, to a change in price. D) as the price elasticity coefficient approaches one, profits will increase.
When dealing with anything that is measured as a flow, one must
A. make sure the thing can be measured accurately. B. use dollar values. C. specify a time period. D. specify one day in time.