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Author Question: A supply curve A) is a curve that shows the relationship between the price of a product and the ... (Read 124 times)

Alainaaa8

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on: Jun 29, 2018
A supply curve
 
  A) is a curve that shows the relationship between the price of a product and the quantity of the product supplied.
  B) is the relationship between the supply of a good and the cost of producing the good.
  C) is a curve that shows the relationship between the price of a product and the quantity of the product that producers and consumers are willing to exchange.
  D) is a table that shows the relationship between the price of a product and the quantity of the product supplied.

Question 2

How does a market system prevent people from getting as many goods and services as they wish?
 
  A) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish.
  B) Governments interfere with the market mechanism to influence the allocation of goods and services.
  C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor.
  D) The government imposes taxes on those who earn beyond a certain amount of income.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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elizabethrperez

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


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