The supply curve is upward-sloping (i.e., it takes a higher price to induce greater production) because of
A. Increasing fixed costs.
B. Increasing marginal costs.
C. Increasing total costs.
D. The decreasing skill level of additional workers.
Answer: B
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Describe the choices that consumers make and explain why consumers are efficient on the market demand curve
What will be an ideal response?
Composites of stock prices
a. are completely random and unpredictable. b. fluctuate randomly around a rising trend. c. are destabilized by speculations. d. show no trend, but fluctuate widely.
Marginal land is land
a. that is unprofitable under any circumstances. b. that is the most productive in the area. c. that is on the borderline of profitability. d. of average productivity.
Which statement is FALSE?
A. Our average workweek has declined by more than one third since 1900. B. Americans work more hours per year than workers in most other industrial nations. C. The number of paid holidays enjoyed by American workers has increased since the 1950s. D. American workers get more vacation time than workers in other industrialized nations.