The quantity of a good or service that producers are willing to sell at different prices during a specific time period is known as the
A. supply of that product or service.
B. demand for that product or service.
C. elasticity of that product or service.
D. utility of that product or service.
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A simple supply curve shows that an increase in the price of a good will cause the quantity supplied to
A. decrease.
B. increase.
C. remain constant.
D. fluctuate randomly around its equilibrium value.
When the supply curve and demand curve for a particular good are shown together on a single graph, the point at which the two curves intersect identifies the
A. total profit earned by producers.
B. total amount of labor that will be employed in that market.
C. amount of time it takes to bring together the buyers and sellers of the good.
D. equilibrium price of the good.
________ is the market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
A. Oligopoly
B. Monopolistic competition
C. Perfect competition
D. Microeconomic competition
A major trend around the world today is that
A. free-market economies are moving more toward socialism and socialist economies are moving more toward capitalism.
B. productivity in the service sector is increasing much more rapidly than productivity in agriculture and manufacturing.
C. governments in socialist economies are increasing their use of social programs and relying on higher tax rates to finance these programs.
D. governments in countries with capitalist economies are paying less attention to environmental concerns and issues involving social equality.
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