According to the law of supply:
A. supply curves slope downward.
B. price and quantity supplied are negatively related.
C. price and quantity supplied are inversely related.
D. supply curves slope upward.
Answer: D
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Which of the following is the best example of the "traditional process"?
A) commercial bank mergers B) minimum age limits for the purchase of alcoholic beverages C) auctioning U.S. Treasury bills D) colleges and universities give admissions preferences to children of alumni
If the average cost of transporting a passenger on the train from Chicago to St. Louis is $75, it would be irrational for the railroad to allow any passenger to ride for less than $75
a. True b. False Indicate whether the statement is true or false
Which age category has the highest incidence of those without health insurance?
a. 45-64 years of age b. 19-34 years of age c. Under 19 years of age d. Over 65 years of age e. 35-44 years of age
Figure 11-3
In Figure 11-3, one can tell from the graph that the monopolist will earn a positive profit only if
a.
the price exceeds $3.
b.
the price exceeds $2.
c.
output is less than 60 units.
d.
One cannot tell from the information given.