The "Law of Supply" Refers to the Fact That, All

question 244

Multiple Choice

The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises

• A) the supply curve shifts leftward.
• B) the supply curve shifts rightward.
• C) there is a movement up along the supply curve to a larger quantity supplied.
• D) there is a movement down along the supply curve to a smaller quantity supplied.

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Definitions:

Income Inequality

The disparate sharing of income among participants in an economy, be they individuals or households.

Income Distribution

The way in which total income is shared among the population or different groups within society.

Lowest Quintile

The segment of a population that falls into the bottom 20% based on income or another measurable characteristic.

Income Distribution

The way in which total income is shared among the population or different segments of an economy.