The above figure shows the market for laptops. Which of the following shifts the supply curve from S0 to S1?
A) an increase in the cost of hard drives
B) a decrease in the price of laptops
C) an increase in the number of laptop manufactures and sellers
D) an increase in the price of laptops
E) an increase in the productivity of the workers manufacturing laptops
A
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Perfect competition is characterized by all of the following EXCEPT
A) a large number of buyers and sellers. B) no restrictions on entry into or exit from the industry. C) considerable advertising by individual firms. D) buyers and sellers are well informed about prices. E) firms produce an identical product.
Which of the following is a lagging economic indicator?
A) Housing starts B) Employment C) Retail sales D) Inflation
An apple orchard currently hires 10 workers. The owner estimates that hiring an additional worker would increase apple yields by 20 bushels per day. The price of apples is $15 per bushel. The owner should hire the extra worker if the wage rate is no greater than:
a. $50 per day. b. $150 per day. c. $200 per day. d. $300 per day.
In which of the following cases would the quantity of money demanded be smallest?
a. r = 0.06, P = 1.2 b. r = 0.05, P = 1.0 c. r = 0.04, P = 1.2 d. r = 0.06, P = 1.0