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
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