Suppliers will be willing to supply a product in all of the following situations except when
A) the price received is greater than the additional cost of producing the product.
B) the price received is at least equal to the additional cost of producing the product.
C) the price received is less than the additional cost of producing the product.
D) the price received is equal to the additional cost of producing the product.
C
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An equilibrium price is unaffected by nonprice factors
a. True b. False Indicate whether the statement is true or false
The Jones family is going to Disney World and has set a budget of $2000 for food and souvenirs. If Mr. Jones finds a $50 bill on the ground during their trip and uses it to purchase additional souvenirs, then
a. souvenirs are a normal good b. food is an inferior good c. the budget line has shifted to the left d. the slope of the budget line has changed e. souvenirs are a luxury good