Supply curves are positively-sloped because of
a. inefficient allocation of resources.
b. the law of diminishing returns.
c. economies of scale.
d. self-interested suppliers seeking economic profit.
e. all of the above.
B
You might also like to view...
Andy can't make a deal with Danny. Andy has a Alex Rodriguez baseball card and would like to trade it to Danny for Danny's Albert Pujols card, but Danny doesn't want a Alex Rodriquez card
Andy's problem illustrates the drawback to a barter system known as A) the specialization problem. B) the double coincidence of wants problem. C) the many prices problem. D) the transactions problem.
To calculate GDP:
A. add the quantity of all goods and services sold in an economy in a year. B. add the quantity of all final goods and services produced in an economy in a year. C. weight the output of each good and service produced in an economy in a year by its price in that year and then total the result. D. weight the output of each final good and service produced in an economy in a year by its price in that year and then total the result.