If the Price of Apples Is on the Vertical Axis

question 337

Multiple Choice

If the price of apples is on the vertical axis and the quantity of apples demanded is on the horizontal axis, the slope between two points on the line describing the relationship between price and quantity is

• A) the change in price multiplied by the change in quantity.
• B) the change in price divided by the change in quantity.
• C) the change in quantity divided by the change in price.
• D) price divided by quantity.

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Definitions:

Time Horizon

The length of time over which an investment, project, or policy is intended or expected to occur or be effective.

Technology Change

The innovation or improvement in technology, leading to new methods of production, new products, or enhancements in organizational processes.

Long Run

A period of time in which all factors of production and costs can be fully adjusted, and there are no fixed factors of production.

Short Run

A period in which at least one factor of production is fixed, and only the variable factors can be adjusted by firms to influence output.