The quantity supplied of a good:
A) is inversely related to the price of the good.
B) is determined irrespective of the market price.
C) is always equal to the quantity demanded of the good.
D) is the amount of the good that sellers are ready to supply at a given price.
D
Economics
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Assume the federal government raises taxes (a contractionary fiscal policy). If the tax increase affects AS and AD equally, then real GDP will ________ and the price level will ________
A) decrease; decrease B) increase; be unchanged C) increase; increase D) decrease; be unchanged E) increase; decrease
Economics
The law of diminishing marginal utility implies that marginal utility never becomes negative.
Answer the following statement true (T) or false (F)
Economics