Which of the following statements is consistent with the law of supply?
a. An increase in the quantity supplied of buns will result in a decrease in the price of buns.
b. An increase in the quantity supplied of buns will result in an increase in the price of buns.
c. An increase in the price of buns will result in a decrease in the quantity supplied of buns.
d. An increase in the price of buns will result in an increase in the quantity supplied of buns.
d
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In the circular flow model, profits are considered to be
A) a cost of doing business. B) equal to zero, or else the circular flow would be out of balance. C) a subtraction from the Gross Domestic Product (GDP). D) a form of interest payment.
In the absence of trade, a nation is in equilibrium where an indifference curve:
a. lies above its production possibilities frontier. b. is tangent to its production possibilities frontier. c. intersects its production possibilities frontier. d. lies below its production possibilities frontier