In a Market,to Find the Total Amount Supplied at a Particular

question 92

Multiple Choice

In a market,to find the total amount supplied at a particular price,we must

• A)sum the quantities that individual firms are willing and able to supply at that price.
• B)calculate the average of the quantities that individual firms are willing and able to supply at that price.
• C)sum the costs that individual firms incur to supply the product at that price.
• D)account for all determinants of demand.

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Definitions:

Fallacy of Composition

The erroneous belief that what is true for an individual or part will also be true for a group or the whole.

Income

Money received by a person or household over a certain period of time from work, investments, business ventures, or other sources.

Fallacy of Composition

The erroneous belief or argument that what is true for a part is necessarily true for the whole group or entity.

Economic Relationships

The interactions between different variables within the economy, such as supply and demand, and price and quantity.