The MPC is
A. .1.
B. .2.
C. .3.
D. .4.
B. .2.
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The supply curve for umbrellas
A) shows the supply of umbrellas consumers are willing and able to buy at any given price. B) is downward sloping. C) shows the relationship between the price of umbrellas and the quantity of umbrellas supplied. D) shows the relationship between the quantity of umbrellas firms are willing and able to supply and the quantity of umbrellas consumers are willing and able to purchase.
Economists hold many positions advising the president and Congress including
a. being a member of the Council of Economic Advisers. b. helping to enforce antitrust laws at the Department of Justice. c. conducting research at the Congressional Budget Office. d. All of these are possible positions that economists hold.
The market for soybeans is initially in equilibrium. Because of mad cow disease, producers decide to replace bone meal with soybeans in cattle feed. The likely effect is that:
What will be an ideal response?
Implicit costs
A. Include the value of all resources used to produce a good. B. Are the sum of actual monetary payments made for resources used to produce a good. C. Include only payments to labor. D. Are the value of resources used, for which no monetary payment is made.