Holding the nonprice determinants of supply constant, a change in price would
a. result in either a decrease in supply or an increase in supply.
b. result in a movement along a stationary supply curve.
c. result in a shift of demand.
d. have no effect on the quantity supplied.
b
Economics
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According to Keynes, the consumption-income relationship is shown as C = a + bYD. Therefore, the saving-income relationship is
a. S = a + (1 ? b)YD. b. S = ? a + (1 ? b)YD. c. S = a + (1 ? b)/YD. d. S = ? a + (1? b)/YD.
Economics
Suppose the short-run production function is q = 10 ? L. If the wage rate is $10 per unit of labor, then MC equals
A) q. B) q/10. C) 10/q. D) 1.
Economics