A third party is:
a. the party to which a contractual agreement is meant to benefit.
b. a person, or persons, who are unintentionally affected by a market transaction.
c. the third person in a three-way contract.
d. the person who owns the property right in a contract.
e. when the government attempts to mediate a dispute between management and labor.
b
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Which of the following statements is true about the price elasticity of demand?
A) As the number of substitutes for a product increases, the price elasticity of demand for that good decreases. B) If the budget share of a particular good in a consumer's bundle increases, the price elasticity of demand for that good is likely to decrease. C) The price elasticity of demand for a good is generally higher in the long run than in the short run. D) The demand for a good with a price elasticity of demand of zero is highly responsive to price changes.
A firm experiences increasing returns to scale; that is, doubling all its inputs more than doubles its output. What can be inferred about the firm's short-run costs?
What will be an ideal response?
Which of the following is assumed to be constant along a per-worker production function?
a. Output per worker b. Capital per worker c. Level of technology d. Amount of capital e. Amount of output