When oil was deregulated in the late 1970s, the number of wells pumping oil more than doubled. This reflects a/an
A. increase in the quantity supplied.
B. increase in supply.
C. decrease in supply.
D. decrease in the quantity supplied.
B. increase in supply.
You might also like to view...
In the table above, the official U-3 unemployment rate is
A) 50 percent. B) 15 percent. C) 10 percent. D) 5 percent.
In the short run, a perfectly competitive firm can earn positive, zero, or negative profit depending on the market price of the firm's output
Indicate whether the statement is true or false
If you look for a job for eighteen months after graduation, but fail to generate an offer, even after lowering your expectations, the economy is probably in the business cycle phase called a:
a. recession. b. peak. c. boom. d. recovery. e. trough.
A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the marginal product of the 4th unit of labor?
A. 3 B. 5 C. 6 D. 7