The primary difference between a market-day supply curve and a short-run supply curve is the
a. amount of time that suppliers have to respond to a price change
b. number of suppliers that can enter the market
c. time available to people to align their demands to supply
d. type of good being produced
e. lower price that increases quantity supplied
A
You might also like to view...
In the circular flow model, profits are considered to be
A) a cost of doing business. B) equal to zero, or else the circular flow would be out of balance. C) a subtraction from the Gross Domestic Product (GDP). D) a form of interest payment.
When applied to committees, the median voter model concludes that _____
a. becomes irrelevant as committees will be unable to select a clear outcome b. the committee selects the outcome preferred by the median voter c. when preferences are double peaked, the committee meets the demand of the median voter d. a cyclical majority will emerge, if voters are irrational