The law of supply states that, other things constant, there is:
A. an inverse relation between price and the quantity supplied.
B. an inverse relation between price and supply.
C. a direct relation between price and supply.
D. a direct relation between price and the quantity supplied.
Answer: D
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In the 1980s, tax rates were cut, government revenues fell below expectations, and there was a then-historic peacetime deficit
a. True b. False Indicate whether the statement is true or false
National defense is provided by the government because
a. it is impossible for private markets to produce public goods. b. products provided by the government are produced more efficiently. c. free-riders make it difficult for private markets to supply the socially optimal quantity. d. public goods increase government revenues.