Law Of Supply Quiz
The Supply Curve is upward-sloping because:
As the price increases, so do costs.
As the price increases, consumers demand less.
As the price increases, suppliers can earn higher levels of profit or justify higher marginal costs to p
How do economic
systems answer the
questions of what,
how, and for whom
SS6E1a, SS6E5a, SS6E8a.
Compare how traditional, command, and
market economies answer the economic
questions of (1) what t
Scarcity Notes And Questions
Scarcity unlimted wants and needs, limited resources.
Productivity the relationship of input to output
Absolute Advantage the ability to produce "more" of a product using a given amount of resources.
Comparative advantage the