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According to the law of supply, what happens to the quantity supplied when the price of a good or service increases, ceteris paribus?
According to the law of supply, what happens to the quantity supplied when the price of a good or service increases, ceteris paribus?
- It becomes uncertain
- It remains constant
- It decreases
- It increases (correct)
What is the primary factor that determines a producer's willingness to supply a particular good or service?
What is the primary factor that determines a producer's willingness to supply a particular good or service?
- Potential profit (correct)
- Total cost
- Total revenue
- Market price
What is the difference between a movement along the supply curve and a shift of the supply curve?
What is the difference between a movement along the supply curve and a shift of the supply curve?
- A change in quantity supplied vs. a change in the determinants of supply (correct)
- A change in the market equilibrium vs. a change in the market price
- A change in price vs. a change in quantity supplied
- A change in the supply curve vs. a change in the demand curve
What is the formula for profit, according to the text?
What is the formula for profit, according to the text?
What is the market supply function, and how is it constructed?
What is the market supply function, and how is it constructed?
What is the effect of an increase in the price of a good or service on the quantity supplied, assuming other factors remain unchanged?
What is the effect of an increase in the price of a good or service on the quantity supplied, assuming other factors remain unchanged?
What is the relationship between the price of a good or service and the profit potential of a producer?
What is the relationship between the price of a good or service and the profit potential of a producer?
What is the difference between a change in quantity supplied and a change in supply?
What is the difference between a change in quantity supplied and a change in supply?
What are the determinants of supply, according to the text?
What are the determinants of supply, according to the text?
What is the assumption underlying the law of supply?
What is the assumption underlying the law of supply?
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