The Law of Supply states that:
A) supply creates its own demand.
B) the quantity supplied of a good will always equal the quantity of the good demanded.
C) the quantity supplied of a good rises when the price rises.
D) at the equilibrium price, there is always some excess supply in the market.
C
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The government forcing a monopoly telecommunications company to allow other firms to use its cables is an attempt to
A) regulate prices. B) decrease the monopoly market power by eliminating a natural monopoly. C) decrease the monopoly market power by increasing competition. D) None of the above.
One impact of a rise in the dollar's value is that
A) imports become cheaper for the U.S. consumer. B) exports will increase sharply. C) U.S. goods will become cheaper overseas. D) U.S. goods are cheaper domestically.