Author Question: The market supply curve for any product: a. always depends on the market demand for that product. ... (Read 89 times)

audie · **on:** Jun 30, 2018

The market supply curve for any product:
a. always depends on the market demand for that product.
b. depends on the general income level of the consumers in the market.
c. is a summation of individual firms' supply curves.
d. equals the total revenue generated through sale of the commodity.
e. is affected by the prices of related products.

Question 2

An economy is producing two goods, ice cream and cookies, and is currently operating efficiently. This economy can produce more cookies if:
a. it increases the price of ice cream.
b. it increases the price of cookies.
c. more of the economy's resources become idle.
d. it produces less ice cream.