A decrease in the quantity of available resources would be represented by:
a. a steeper PPC.
b. a point inside the PPC.
c. an inward shift of the PPC.
d. an upward movement along the PPC.
e. a downward movement along the PPC.
c
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If consumers value the last unit of a product by more than it cost to produce it, welfare could be increased by ______.
a. stopping production b. raising taxes c. reducing output d. expanding output
Suppose that this graph describes the current labor market for high school teachers:
Suppose supply of labor decreases. At the new equilibrium, wages would be ________ and ________ teachers would be hired.
A. lower; fewer B. higher; fewer C. higher; more D. lower; more
Suppose that 20 percent of the firms selling good X charge the low price. If the remaining 80 percent of firms charge $80 per unit and the expected benefit of an additional search is $5, then the lowest price in the market for good X is:
A. $55. B. $0. C. $5. D. $73.75.
most frequently the federal reserve implements monetary policy by
What will be an ideal response?