The expression "increase in quantity supplied" is illustrated graphically as a
A) leftward shift in the supply curve.
B) rightward shift in the supply curve.
C) movement up along the supply curve.
D) movement down along the supply curve.
C
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Total net benefits gained in a market
a. minus any side payments equals total revenue from producing the good (or, equivalently, total expenditure on the good) b. is the sum of producer and consumer surplus in that market c. is the difference between consumer surplus and producer surplus in that market d. are maximized when the market price equals zero e. always exceeds the sum of total expenditure on the good and the total cost of providing it
In the graph for the relationship between elasticity of the demand and total revenue, we can see that at five units, ______.
a. total revenue is rising and marginal revenue is profitable
b. total revenue is rising and marginal revenue is unprofitable
c. total revenue is maximized and marginal revenue is zero
d. total revenue is minimized and marginal revenue is equal to price