In order to derive the market supply curve from individual supply curves, we add up the:
A. Various prices that individual sellers are charging for the product
B. Various quantities that individual sellers want to sell at specific price levels
C. Total number of sellers in the market at a given time
D. Costs that all individual sellers incur in producing the product
Answer: B
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The above table contains information about the nation of Syldavia. There are no income taxes or imports in this nation. The expenditure multiplier is equal to
A) 1.25. B) 10. C) 0.8. D) 2. E) 5.
Which of the following statements is true?
A) In the long run, a firm cannot vary any of its inputs. B) In the long run, a firm can vary all its inputs. C) In the short run, a firm cannot vary any of its inputs. D) In the short run, a firm can vary all its inputs.
The nation of Exland is considered a less-developed country and has the following characteristics. Which one is not typical of a less-developed country?
a. High illiteracy. b. High unemployment. c. Rapid growth of technology. d. Low growth in technology. e. Rapid population growth.
In the backward-bending portion of a labor supply curve: a. a worker will increase the quantity of labor supplied in response to an increase in the wage. b. the substitution effect of a wage change outweighs the income effect
c. the income effect of a wage change outweighs the substitution effect. d. the substitution effect of a wage change equals the income effect.