On a traditional supply and demand diagram,
a. price is measured along the horizontal axis and quantity along the vertical axis.
b. price is measured along the vertical axis and quantity along the horizontal axis.
c. quantity demanded is measured along the horizontal axis, quantity supplied is measured along the vertical axis, and price is indicated on the contour lines.
d. quantity is measured along both axes and price is indicated on the contour lines.
b
You might also like to view...
The term labor productivity refers to the
a. management time required to manage a unit of output b. maximum number of laborers that a production facility can utilize c. ratio of workers' wage rate to the value of the good d. minimum number of laborers required to produce a good e. quantity of output per laborer per hour
Which of the following is the best example of a health-care service with a large public good component?
a. a hair-growing treatment provided to a twenty-five year-old single man b. heart bypass surgery provided to an employee and paid for by employer-funded insurance c. a vaccine that reduces the incidence of a communicable disease d. a hip replacement provided to a senior citizen