Suppose the cost curves in the above figure apply to all firms in the market. If the initial price is P1, firms are ________ and some firms will ________ the industry
A) making an economic profit; leave
B) making an economic profit; enter
C) incurring an economic loss; leave
D) incurring an economic loss; enter
C
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The change spawned by the microchip and the Internet which has also enhanced the acquisition, analysis, and transmission of information is known as _____
A) the Information Revolution. B) the Innovation Revolution. C) the Manufacturing Revolution. D) the Industrial Revolution. E) the Agricultural Revolution.
The gains from general training in human capital tend to go to the
A. individual and not to the employing firm. B. federal government in the form of higher taxes. C. parents since they paid for the education in the first place. D. employing firm and not to the individual.
Based on the following graph, if the price of X is $7.50 per unit, how many units of X will a utility-maximizing consumer choose?
The consumer's income is $600.
A. 30 B. 50 C. 35 D. 25 E. none of the above
When natural disasters, such as hurricanes on the U.S. Gulf Coast or an earthquake in Japan, disrupt supply chains and push up the costs of production, this may result in
A. Cost-push inflation. B. Wage-pull inflation. C. Labor-push inflation. D. Demand-pull inflation.