Decide if the following statements are TRUE or FALSE. If they are FALSE, explain why. a) Quantity supplied is the quantity of a good that producers are willing to sell at a particular price. b) According to the law of demand, demand will rise when product price falls. c) The supply curve is upward sloping, depicting a direct relationship between price and quantity supplied. d) The market demand curve is the vertical sum of all individual demand curves of all buyers in the economy.
Decide if the following statements are TRUE or FALSE. If they are FALSE, explain why. a) Quantity supplied is the quantity of a good that producers are willing to sell at a particular price. b) According to the law of demand, demand will rise when product price falls. c) The supply curve is upward sloping, depicting a direct relationship between price and quantity supplied. d) The market demand curve is the vertical sum of all individual demand curves of all buyers in the economy.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 24QP
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Decide if the following statements are TRUE or FALSE. If they are FALSE, explain why.
a) Quantity supplied is the quantity of a good that producers are willing to sell at a particular price .
b) According to the law of demand , demand will rise when product price falls.
c) The supply curve is upward sloping, depicting a direct relationship between price and quantity supplied.
d) The market demand curve is the vertical sum of all individual demand curves of all buyers in the economy.
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