The space on the freeway is fixed at any instant of time. A supply curve that shows this is
A) perfectly horizontal.
B) upward sloping.
C) downward sloping.
D) perfectly vertical.
D
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Draw a graph to illustrate the effect of higher gasoline prices on the demand for large SUVs. What is the relationship between gasoline and SUVs?
What will be an ideal response?
If aluminum producers expect aluminum prices to fall in the future, this belief shifts the current ________ curve for aluminum to the ________
A) supply; left B) demand; left C) demand; right D) supply; right E) None of the above is correct.
For a monopsonist, the marginal factor cost curve will be above the supply of labor curve. The marginal factor cost curve is above the supply curve because
A) the monopsonist will take advantage of labor and offer them lower wages. B) in order for the monopsonist to sell an additional unit of the good, the price of the good must be lowered. C) in order for the monopsonist to hire more labor the monopsonist must also purchase more capital. D) the monopsonist will have to pay all workers a higher wage rate than the current wage rate if it wants to hire more workers.
The marginal product curve rises when the marginal cost curve rises
a. True b. False Indicate whether the statement is true or false