When producers anticipate that the price of their product will increase in the future
A) the supply curve will shift to the right.
B) the supply curve will shift to the left.
C) the current production will move along on the supply curve.
D) they will immediately lobby Congress to adjust prices now.
B
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When emissions are measured on the horizontal axis, the marginal cost of abating emissions is
A) downward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. B) downward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. C) upward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. D) upward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. E) horizontal because the technology to remove emissions is assumed constant.
For maximum profit, a firm hires labor up to the point at which the wage equals (i) the value of the marginal product of labor. (ii) the marginal cost of an additional unit of output. (iii) output price multiplied by the marginal product of labor
a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii), and (iii)
Aggregate demand is a ____ rather than a ____.
A. fixed number; concept B. schedule; fixed number C. set number; concept D. government aggregate; private aggregate
According to the text, population growth in many poor countries does NOT generally result in increased labor resources because
A. many people do not join the labor force. B. many people work two jobs. C. most people are not productive in their work. D. most jobs are for middle-age workers.