The demand for a factor of production depends on the:
A. supply of the factor.
B. supply of other factors of production.
C. demand for other factors of production.
D. demand for the products that it helps to produce.
Answer: D
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Which of the following would result in a positive externality?
A) A local government sets a maximum price on gasoline. B) Taco Bell adds 15 new items to its dollar menu. C) Medical research results in a cure for Ebola. D) A solar panel manufacturer raises its prices due to increased demand.
A 2 percent increase in income increases the quantity demanded of a good by 1 percent. The income elasticity of demand for this good is _______. The good is a _______ good
A. 2; normal B. –2; inferior C. 1/2; normal D. 2; inferior
The perfect competitor shown in the graph above is in the
A. short run making a profit.
B. short run taking a loss.
C. long run making a profit.
D. long run breaking even.
The price of mozzarella cheese, which is used in making pizza, increases. In the market for pizza you would expect that
A. the supply of pizza would increase and the price of pizza would decrease. B. the supply of pizza would decrease and the price of pizza would increase. C. the demand for pizza would increase and the price of pizza would increase. D. the demand for pizza would decrease and the price of pizza would fall.