Each point on the supply curve shows the:
a. amount that people want to buy at that price
b. quantity supplied at that price.
c. productive capacity of an individual producer.
d. the amount producers want to sell to buyers of different income levels.
b
Economics
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Suppose the economy's production function is Y = AK0.3N0.7. If K = 2000, N = 100, and A = 1, then Y = 246. If K and N both rise by 20%, and A is unchanged, by how much does Y increase?
A) 5% B) 10% C) 15% D) 20%
Economics
A perfectly inelastic supply curve can be shown graphically as a _____.
Fill in the blank(s) with the appropriate word(s).
Economics