Refer to Figure 22-4. The movement from A to B to C illustrates
A) an improvement in technology. B) diminishing returns to labor.
C) a decline in capital per worker. D) diminishing returns to capital.
D
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A change in the price of one good results in a rotation of the budget line, so that it is steeper or flatter
a. True b. False Indicate whether the statement is true or false
Consider the market for gasoline. Buyers
a. and sellers would lobby for a price ceiling. b. and sellers would lobby for a price floor. c. would lobby for a price ceiling, whereas sellers would lobby for a price floor. d. would lobby for a price floor, whereas sellers would lobby for a price ceiling.
Utility analysis helps economists understand
A) how people make decisions about what they buy and how much. B) how to eliminate opportunity costs. C) how to eliminate scarcity. D) none of the above.
Refer to the information provided in Table 3.1 below to answer the question(s) that follow. Table 3.1Price per PizzaQuantity Demanded (Pizzas per Month)Quantity Supplied (Pizzas per Month)$31,200 600 61,000 700 9 800 80012 600 90015 4001,000Refer to Table 3.1. If the price per pizza is $12, there is an excess
A. demand of 400 pizzas. B. supply of 300 pizzas. C. demand of 600 pizzas. D. supply of 900 pizzas.