According to the principle of rational choice, if there is diminishing marginal utility:
A. and the price received for supplying a good goes up, you supply less of that good.
B. after a certain point, even if the price goes up, you don't supply more of that good.
C. and the price received for supplying a good goes up, you supply more of that good.
D. the decision producers face about how much to supply is not affected.
Answer: C
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Which of the following is likely to happen if the level of technology used in an economy improves, assuming all else equal?
A) The economy's labor demand curve will shift to the right. B) There will be a downward movement along the labor demand curve. C) The economy's labor demand curve will shift to the left. D) There will be an upward movement along the labor demand curve.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
A graph shows the quantity of corn on the vertical axis and the quantity of steel on the horizontal axis. What is the proper interpretation of a horizontal line at a particular quantity for corn that is parallel to the horizontal axis of the graph?
What is the slope of the horizontal line? Please provide the best answer for the statement.
Physical or technological facts are by themselves never sufficient to measure efficiency because
A) what is efficient changes over time. B) efficiency is a ratio between evaluations. C) more complex technological processes are inevitably more efficient. D) physical or technological data can never be known precisely. E) we can never be sure we are using the most advanced technology.