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Question
Table 6-7| Price | Quantity Demanded | Quantity Supplied |
| $6 | 5,000 | 2,000 |
| 7 | 4,000 | 2,000 |
| 8 | 3,000 | 2,000 |
| 9 | 2,000 | 2,000 |
| 10 | 1,000 | 2,000 |
The town of Bloomfield is well known for its basketball team. The price of basketball game tickets is determined by market forces. Table 6-7 above shows the demand and supply schedules for basketball games tickets.
Refer to Table 6-7. What is the most distinctive feature of the supply curve?
A) The supply curve is perfectly inelastic.
B) The supply curve is horizontal.
C) The supply curve is upward sloping.
D) The supply curve is perfectly elastic.
Answer
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Related questions
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Suppose two countries use different combinations of inputs, such as labor and capital, to produce the same product. This implies all of the following except that
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B) the relative input prices.
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The typical shape of an isoquant is
A) convex towards the origin.
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A) the level of sales necessary for a firm if it wants to expand.
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D) the returns to scale at each level of output.
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B) is equivalent to minimizing cost for a given level of output.
C) necessitates using only relatively low-priced inputs.
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Which of the following would be categorized as an opportunity cost?
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b. the cost of purchasing supplies for your house-cleaning business
c. the cost of purchasing auto insurance for your dry-cleaning delivery business
A) a only
B) a and c only
C) b and c only
D) all of the above