An increase in supply will occur when
A) the supply curve shifts downward to the right.
B) the supply curve shifts upward to the left.
C) the demand curve shifts downward to the left.
D) the demand curve shifts upward to the right.
A
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Refer to Figure 3-5. At a price of $0
A) there is a shortage of 8 units. B) there is a shortage of 0 units. C) there is a surplus of 8 units. D) there is a surplus of 0 units.
You and two partners start a company. However, your partners play no role in running the company. You devote all our time and talent to run your own business rather than working for someone else. You incur an(a):
a. explicit cost. b. marginal cost. c. sunk cost. d. opportunity cost.
In the short run, a perfectly competitive firm suffering a loss
a. will close if P < AVC b. will shut down operations if P < MC c. cannot leave the industry even if P < AVC d. can sell off all its resources to competitors e. can raise the price to increase revenues
If a bank has $500 in excess reserves and the reserve requirement is 20 percent, then the maximum amount by which this individual bank can increase the money supply is _____
a. $100 b. $400 c. $500 d. $1,000 e. $2,500