A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way
a. True
b. False
Indicate whether the statement is true or false
False
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The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. A worker costs $1,200 per month
How many workers does Peter hire to maximize his profit? A) zero B) one C) three D) four
Explain the purpose of the following figure
What will be an ideal response?
Suppose a country imposes new restrictions on how many hours people can work. If these restrictions reduce the total number of hours worked in the economy, but all other factors that determine output are held fixed, then
a. productivity and output both rise. b. productivity rises and output falls. c. productivity falls and output rises. d. productivity and output fall.
In Figure 3.1, if demand is considered perfectly inelastic, then the appropriate figure is?
a. Figure 1
B. Figure 2
c. Figure 3
d. Figure 4