The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises
A) the supply curve shifts leftward.
B) the supply curve shifts rightward.
C) there is a movement up along the supply curve to a larger quantity supplied.
D) there is a movement down along the supply curve to a smaller quantity supplied.
C
Economics
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For a perfectly competitive firm, profit is maximized at the output level where i. total revenue exceeds total cost by the largest amount. ii. marginal revenue equals marginal cost. iii. price equals marginal cost
A) i only B) ii only C) ii and iii D) i and ii E) i, ii, and iii
Economics
The primary source of revenue for local governments is the property tax
a. True b. False
Economics