Which of the following is true of the law of supply?
a. The law of supply is the sole determinant of market prices.
b. The law of supply states that as the price of a good rises, the quantity supplied rises.
c. The law of supply holds good only in the long-run.
d. The law of supply is valid only in a market system of allocation.
e. The law of supply asserts that as the cost of producing a good rises, the quantity supplied rises.
b
Economics
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A decrease in a supply of oil could ____
a) increase long-run aggregate-supply. b) decrease long-run aggregate-supply. c) have no impact on long-run aggregate-supply. d) increase aggregate-demand.
Economics
In a particular year, if the real GDP of Country Y is $400,000 and the nominal GDP of Country Y is $450,000, the GDP deflator is ________
A) 115 B) 112.5 C) 102 D) 0.17
Economics