The market supply curve for any product:
a. always depends on the market demand for that product.
b. depends on the general income level of the consumers in the market.
c. is a summation of individual firms' supply curves.
d. equals the total revenue generated through sale of the commodity.
e. is affected by the prices of related products.
c
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Organic food might be good for your health but in light of the 2008 downturn in the economy and falling incomes, consumers are buying less organic and more non-organic food. Based on these events, what is TRUE?
A) Organic food is a normal good and non-organic food is an inferior good. B) Organic food is an inferior good and non-organic food is a normal good. C) Organic food is a normal good and non-organic food is a normal good. D) Organic food is an inferior good and non-organic food is an inferior good.
Who wrote, "People of the same trade seldom meet together, but the conversation ends in a conspiracy against the public, or in some diversion to raise prices."?
a. Thomas Jefferson b. Adam Smith c. Bill Gates d. Robert Axelrod