Which statement is most likely correct about supply?
a. When economists refer to supply, they are referring to a certain point on the supply curve, or a quantity on the supply schedule.
b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices.
c. When economists refer to supply they are referring to a specific point on the curve, not the entire curve.
d. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities demanded at those prices.
b. When economists refer to supply, they are referring to the relationship between a range of prices and the quantities supplied at those prices.
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Which of the following was specifically instituted to ensure a successful hard peg?
A) the Bretton Woods Agreement B) the European Monetary System C) the European Monetary Union D) the International Monetary Fund
The height of the market supply curve
a. at any quantity shows the value -- to someone -- of the last unit of the good consumed b. at any quantity shows the cost -- to someone -- of purchasing the last unit of the good c. at any quantity shows the marginal cost of producing the last unit of a good d. shows the market value of a good or service e. measures the size of the side payment necessary to achieve a Pareto improvement