A nonprice determinant of supply refers to something that:
A. affects the price other than supply.
B. affects supply other than the price.
C. determines how large a role prices play in the supply decision.
D. determines how prices are affected by the seller's income.
B. affects supply other than the price.
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The free rider problem
a. Exists in the case of public goods b. Exists in the case of common property resources c. Is worse the larger the number of people involved for either public goods or common property resources d. All of the above are true
If the supply curve of labor shifts to the left, we know for certain that
a. technology has improved b. a higher wage rate must be offered to employ the same number of workers that were employed before the shift in the curve occurred c. any quantity of workers can be hired at the same wage d. the MRP has decreased e. the MRP has increased
The concept of comparative advantage applies:
a. only to people with at least a high school diploma.
b. only to people who are currently employed.
c. to situations in which you have information about the salary levels of those with whom you are competing for a job.
d. to every case of trade or exchange.
e. only to goods that are sold in the domestic market.
Which of the following will cause a movement along the demand curve instead of a shift of the demand curve?
A) income B) tastes and preferences C) Expectations e the future price of a good D) none of the above