When Economists Talk About Supply, They Are Referring to a Relationship

question 16

Multiple Choice

When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _______.

• A) demand schedule
• B) market price
• C) quantity supplied
• D) demand curve

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Definitions:

Consent

Agreement or permission for something to happen, given by someone with full understanding of what is involved.

Modified

Changed or adjusted from the original form, purpose, or condition.

Third Party

An entity or individual that is involved indirectly or is outside the main two parties engaged in a transaction or legal matter.

Principal

A party who has the primary responsibility in a transaction or legal action, or the amount of money originally invested or loaned, excluding any profits or interest.