A supply curve
A) is a table that shows the relationship between the price of a product and the quantity of the product supplied.
B) is a curve that shows the relationship between the price of a product and the quantity of the product supplied.
C) is the relationship between the supply of a good and the cost of producing the good.
D) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.
Answer: B
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A period of time against which costs of the market basket in other periods will be compared in computing a price index is called
A. the inflation period. B. the market basket. C. the adjustment period. D. the base period.
If the wage rate in a monopsonistic industry is $15, the marginal factor cost will be:
a. $0. b. $1. c. $15. d. greater than $15. e. less than $15.