Which of the following is the term that defines the relationship between price and quantity supplied?
a. negative
b. law of demand
c. ceteris paribus
d. equilibrium
e. willingness to pay
f. willingness to accept
g. marginal benefit
h. None of the above.
Ans: h. None of the above.
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Hewlett-Packard will not raise the prices of its personal computers without first considering how Dell might respond. This is evidence of
A) collusion. B) cutthroat competition. C) price fixing. D) interdependence.
When a good is nonrivalrous in consumption, then: a. consumption by an additional individual will significantly reduce the benefits derived by others from a public good. b. individuals who refuse to pay for a public good cannot be excluded from benefiting from it
c. consumption by an additional individual does not prevent others from benefiting from a public good. d. individuals who refuse to pay for a public good can be excluded from benefiting from it.