Which of the following is true?
a. According to the law of supply, the higher the price of the good, the greater the quantity supplied
b. An individual supply curve is a graphical representation that shows the negative relationship between the price and the quantity an individual is willing and able to supply.
c. The market supply curve is the vertical summation of the individual firm supply curves.
d. An increase in supply is illustrated by an upward shift in the supply curve.
a
Economics
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The costs affecting decisions to supply goods and services are always
A) average costs. B) costs not yet incurred. C) sunk costs. D) total costs. E) unavoidable costs.
Economics
A major contributor to a country's real rate of economic growth is its real GDP growth relative to its
A) inflation. B) unemployment rate. C) money growth. D) none of the above.
Economics