Suppose the demand for nachos increases. What will happen to producer surplus in the market for nachos?
a. It increases.
b. It decreases.
c. It remains unchanged.
d. It may increase, decrease, or remain unchanged.
A
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In the United States, most periods of very high inflation occurred
A) during times of war. B) during recessions. C) in the past 25 years. D) before the year 1800.
The question of how much labor a firm will hire comes down to:
A. whether added workers are going to generate more revenue than what it costs to hire them. B. if the added workers are going to add revenues to the firm. C. whether the value of the marginal product is greater than, less than, or equal to the average total cost. D. the healthcare costs they incur by hiring them.
The output level that occurs in any market that is in equilibrium:
a. is the quantity where the supply curve intersects the y-axis. b. is the quantity where the demand curve intersects the x-axis. c. is the quantity at an output level where buyers will pay more than suppliers require. d. is an output level where buyers will not pay as much as suppliers require. e. is the quantity where the demand and supply curves intersect each other.
Suppose a professor announces at the beginning of a course that he will give no failing grades because they are too damaging to self-esteem. How does such a policy affect equality and efficiency?