Which of the following is true?
a. According to the law of supply, the higher the price of the good, the greater the quantity supplied.
b. An individual supply curve is a graphical representation that shows the negative relationship between the price and the quantity an individual is willing and able to supply.
c. The market supply curve is the vertical summation of the individual firm supply curves.
d. An increase in supply is illustrated by an upward shift in the supply curve.
Question 2
If Pat's income increased from 250,000 to 500,000 and his consumption increased from 200,000 to 300,000, what was his marginal propensity to consume?
a. 0.4
b. 0.6
c. 0.8
d. 0.9
Maps are important tools in political science as they help us see relationships between politics and
The risk of dying before the age of 65 gets lower as family income gets higher.
When parents actively support higher education, their children achieve more in their future careers.
Real Price of Oil, 1861–2010
"The Department of Agriculture came out today with its prediction for food price
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...