Which of the following is a difference between the terms quantity supplied and supply?
a. The term quantity supplied refers to the total number of units of a good that sellers are willing and able to sell at a given price, while the term supply refers to how much of the good sellers are willing and able to sell at all prices.
b. The term quantity supplied refers to how much of a good sellers are willing and able to sell at all prices, while the term supply refers to the total number of units of the good that sellers are willing and able to sell at a given price.
c. The term quantity supplied refers to the total number of units of a good that is supplied within an economy, while the term supply refers to the total number of units of the good that is exported by the economy.
d. The term quantity supplied refers to the total number of units of a good that is exported by an economy, while the term supply refers to the total number of units of the good that is supplied within the economy.
a
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A perfectly competitive firm is producing more than the profit-maximizing amount of its product. You can conclude that its
A) total cost exceeds its total revenue. B) average total cost exceeds the price of the product. C) marginal revenue is less than the price of the product. D) marginal cost exceeds the price of the product.
Output per person is 170 in an economy in which 15 percent of the population are engaged in research and development, where their productivity is 0.002, and the total population size is 100 million
If this economy is on a balanced growth path, then output per person in the next period will be ________. A) 175.1 B) 195.5 C) 176.2 D) 177.3