The long run is a planning period:

Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):

If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:

Suppose that the price of telephones decreases. If more are purchased then:

The law of demand indicates that as the price of a good increases:

Two goods are complementary if:

Exhibit 3-19 Supply and demand curves ​ ​ Beginning from an equilibrium at point E2 in Exhibit 3-19, an increase in demand for good X, other things being equal, would move the equilibrium point to:

The horizontal summation of all individual demands at different given prices results in the:

Since the 1980s, Wal-Mart stores have appeared in almost every community in America. Wal-Mart buys their goods in large quantities and therefore at cheaper prices. Wal-Mart also locates its stores where land prices are low, usually outside of the community business district. Many customers shop at Wal-Mart because of low prices and free parking. Local retailers, like the neighborhood drug store, often go out of business because they lose customers. This story demonstrates that:

Suppose that when price is $10, quantity supplied is 20. When price is $6, quantity supplied is 12 units. The price elasticity of supply is: