If the demand for baseballs falls and all other relevant factors remain unchanged, then,
a. the supply for baseballs will fall.
b. the quantity supplied of baseballs will fall.
c. the supply for baseballs will rise.
d. the quantity supplied of baseballs will rise.
b. the quantity supplied of baseballs will fall.
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Industry Y is a perfectly competitive industry. Assume that as a result of changes in other markets there is a twenty percent increase in the price of variable inputs used by firms in industry Y
After all adjustments have taken place, we would expect the equilibrium price in industry Y to: A) decrease and the number of firms to increase. B) decrease and the number of firms to decrease. C) increase and the number of firms to increase. D) increase and the number of firms to decrease.
If population growth is greater than the growth of real output
A) real per capita Gross Domestic Product (GDP) growth will be less than the growth of real Gross Domestic Product (GDP). B) the production possibilities curve is shifting to the left. C) real per capita Gross Domestic Product (GDP) growth will be greater than the growth of real Gross Domestic Product (GDP). D) real per capita Gross Domestic Product (GDP) and real Gross Domestic Product (GDP) will be growing at the same rate.
Use the table below to answer the following question.OutputTotal Cost0$10120228338453573698The marginal cost of producing 3 units of output is
A. $28. B. $0. C. $10. D. $38.
Refer to the diagram. The initial aggregate demand curve is AD 1 and the initial aggregate supply curve is AS 1 . Cost-push inflation in the short run is best represented as a:
A. leftward shift of the aggregate supply curve from AS 1 to AS 2 .
B. rightward shift of the aggregate demand curve from AD 1 to AD 2 .
C. move from d to b to a.
D. move from d directly to a.