The alternative quantities demanded for a given time period at different possible prices is known as

If the price of mozzarella cheese (an ingredient in pizzas) declines due to a major technological breakthrough in the dairy industry, there would be:

A) a decrease in the supply of pizza. B) an increase in the supply of pizza. C) an increase in the quantity of pizza supplied. D) no change in the supply of pizza.

A result of a positive externality in the production of a good is that

A) the price system will over-allocate resources to the production of that good or service. B) the price system will under-allocate resources to the production of that good or service. C) the market supply will be too high. D) the market demand will be too high.