The market supply curve for a product:
A. is the supply of an individual consumer.
B. will lie to the right of all of the individual supply curves for a product.
C. graphically is the vertical sum of the individual supply curves.
D. will lie above all of the individual supply curves for a product.
B. will lie to the right of all of the individual supply curves for a product.
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Which statement is correct regarding allocative efficiency in monopolistic competition?
a. When new competitors enter a monopolistically competitive industry, the demand curve for each firm will shift to the left. b. When new competitors enter a monopolistically competitive industry, the demand curve for each firm will shift to the right. c. When new competitors exit a monopolistically competitive industry, the demand curve for each firm will shift to the left. d. When new competitors enter a monopolistically competitive industry, the demand curve for each firm will not be affected.
Which of the following is true?
A. A nation cannot have a comparative advantage in the production of every good. B. A nation cannot have an absolute advantage in the production of every good. C. A nation can have a comparative advantage in the production of every good, but not an absolute advantage. D. A nation can have a comparative advantage in the production of a good only if it also has an absolute advantage.
Which of the following would likely shift the labor demand curve to the right in an appliance manufacturing company?
a. Younger homeowners prefer stainless steel to white finishes. b. Some of the firm’s products are revealed to emit noxious fumes. c. A respected consumer magazine gives the brand a quality award. d. The installation of new equipment causes productivity problems.
If the quantity of housing supplied in a community is less than the quantity of houses demanded, the existing price:
A) will remain unchanged. B) will fall to clear the market. C) will either fall or remain unchanged. D) is below the market equilibrium price.