A supply curve shows quantities supplied at various prices. It also shows the
A) total profit the firm earns at a given level of output.
B) marginal benefit of the good.
C) total cost of production.
D) marginal cost of production.
E) producer surplus, which is equal to the slope of the supply curve.
D
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Suppose Alan receives a check for $300 from a bank in Dallas. He deposits the check in his account at his Baltimore bank. Which of the following is Alan's Baltimore bank likely to collect the $300 from?
A. The Baltimore bank's regional Federal Reserve bank. B. The U.S. Treasury. C. The main Federal Reserve Bank in Washington, D.C. D. The Federal Reserve Board of Governors.
What happens if price falls below the market clearing price?
A) Demand shifts out. B) Supply shifts in. C) Quantity demanded decreases, quantity supplied increases, and price falls. D) Quantity demanded increases, quantity supplied decreases, and price rises.