Along a supply curve,
A. supply changes as price changes.
B. quantity supplied changes as price changes.
C. supply changes as technology changes.
D. quantity supplied changes as technology changes.
Answer: B
Economics
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When a resource has a perfectly inelastic supply curve
A) the amount of economic rent for this resource is determined by its supply. B) the amount of economic rent for this resource is determined by demand for the resource. C) the amount of economic rent for this resource is determined by the government. D) there is no economic rent being earned by this resource.
Economics
With a tax of $4,000 on $24,000 taxable income, the average tax rate is
A. 16.67%. B. 23.45%. C. 20%. D. 25%.
Economics