If input prices rise as industry output expands, then a perfectly competitive firm's marginal cost and average cost curves will:
a. shift upward
b. shift downward.
c. not shift. As the firm increases production, however, costs increase as the firm moves upward to the right along these curves.
d. not shift. As the firm increases production, however, costs decrease as the firm moves downward to the left along these curves.
a
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Which of the following will shift the supply curve for laptop computers to the left?
A) development of a cheaper microchip used in laptop computer production B) a subsidy to the laptop computer industry C) expectations of a future decline in laptop computer prices D) a reduction of the number of firms that make laptop computers
Which of the following statements most likely lies within the realm of microeconomics? a. Unemployment rises during a recession and falls during an expansion
b. A rapid acceleration of the supply of money may create inflation. c. An increase in government spending will increase the aggregate demand for goods and services in the economy. d. An increase in labor costs will increase the additional cost of producing another airplane.
If Japan and the United States engage in trade, and Japan gains as a result of the trade, does that mean the United States has lost in some manner?
When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. equal to 20. B. less than 20. C. greater than 20. D. greater than 10.