Suppose that the technology used to manufacture laptops has improved. The likely result would be:
A. a decrease in quantity supplied of laptops.
B. an increase in quantity supplied of laptops.
C. a decrease in supply of laptops.
D. an increase in supply of laptops.
Answer: D
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Something that affects the amount of money in existence will
A) affect all markets. B) have no particular effect. C) have an effect only if the change in money is large. D) not affect the economy as a whole but may affect certain key markets such as the market for loans.
The table above gives data for the nation of Mosh. In Mosh, equilibrium expenditure equals
A) $6 trillion. B) $10 trillion. C) $4 trillion. D) $9 trillion. E) $7 trillion.
M1 is a definition of money largely confined to which function(s) of money?
A) unit of account B) store of value C) medium of exchange D) B and C.
Double markup problems arise when
a. upstream firms have no market power b. downstream firms have market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product