A supply curve is defined as the relationship between
A) the price of a good and the quantity that producers are willing to sell.
B) the income of consumers and the quantity of a product that producers are willing to sell.
C) the income of consumers and the quantity of a product that consumers are willing to buy.
D) the price of a good and the quantity that consumers are willing to buy.
A
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If the demand for a steak is unit elastic, then
A) the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value). B) quantity demanded does not respond to changes in price. C) the percentage change in quantity demanded is equal to the percentage change in price. D) the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
Household production increases when there is a stronger desire to avoid taxation
a. True b. False