The supply curve represents the relationship between:
A. income and quantity supplied with everything else held constant.
B. price and quantity supplied with everything else held constant.
C. consumer preferences and quantity supplied with everything else held constant.
D. income and price supplied with everything else held constant.
Answer: B
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If the value of the consumer price index is 110 in 2005 and 121 in 2006, then the inflation rate is 11 percent for 2006
a. True b. False Indicate whether the statement is true or false
Electric companies generally practice price discrimination and charge higher prices for electricity used for illumination and lower prices for electricity used for heat. These lower prices for electric heating result primarily from:
A. The existence of good heating substitutes B. Economies of scale in electric heat generation C. Prices for electric heat being set at the socially optimal level D. Strict government regulation of the price charged for electric heat