The relationship between quantity supplied and the price of output is such that
A) an increase in quantity will automatically lead to a reduction in price.
B) an increase in price will lead to an increase in quantity supplied.
C) an increase in price will produce an inward shift in the supply curve.
D) quantity will decrease as the number of firms increases.
Answer: B
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A macroeconomic equilibrium occurs when the
A) quantity of real GDP demanded is greater than the quantity of real GDP supplied. B) quantity of real GDP demanded equals the quantity of real GDP supplied and both equal potential GDP. C) quantity of real GDP demanded equals the quantity of real GDP supplied even if they are not equal to potential GDP. D) quantity of real GDP demanded is less than the quantity of real GDP supplied. E) None of the above answers is correct.
When a supervisor administer a questionnaire among participants that have never met it is called
a. brainstorming b. sampling c. delphi technique d. groupthink