Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):
A. increase in supply.
B. decrease in supply.
C. increase in quantity supplied.
D. decrease in the quantity supplied.
Answer: A
Economics
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If trade corresponds to the Heckscher-Ohlin theory, which of the following is most likely to happen in the long run after a labor-abundant country engages in free trade?
A. The rate of unemployment in the country is most likely to increase. B. The capital to labor ratio used in production in the export sector will increase. C. The rental rates of capital will increase but the wage rates will decline. D. The total output in the economy will decline.
Economics
Which of the following explains why managers of government agencies have little incentive to achieve operational efficiency?
What will be an ideal response?
Economics