The tendency of suppliers to offer more of a good at a higher price:
a. subsidy
b. supply schedule
c. law of supply
d. elasticity of supply
e. excise tax
Answer: c. law of supply
You might also like to view...
Which of the following statements is true?
A) An excess demand for credit exerts an upward pressure on the real rate of interest. B) At rates of interest below the equilibrium rate, there is an excess supply of credit. C) An excess supply of credit exerts an upward pressure on the real rate of interest. D) At rates of interest above the equilibrium rate, there is an excess demand for credit.
If a person is taxed $1,000 on an income of $10,000 . taxed $2,000 on an income of $20,000 . and taxed $3,000 on an income of $30,000 . this person is paying a(n):
a. progressive tax. b. regressive tax. c. proportional tax. d. poll tax. e. excise tax.
Risk-averse workers
A. are willing to accept large wage decreases in exchange for a safer work environment. B. never work in risky environments. C. are willing to work in riskier environments for a relatively low increase in the wage. D. have shallow wage-risk indifference curves when risk is graphed on the x-axis. E. are more productive than risk-loving workers.
Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the equilibrium quantity of wapanzo beans will be
A) 2 million pounds. B) 4 million pounds. C) 6 million pounds. D) 8 million pounds.