Inventories refer to
What will be an ideal response?
goods that have never been produced but not yet sold
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A demand schedule shows
A) the quantities that people plan to buy at each different income when all other influences on buying plans remain the same. B) the quantities that people would plan to buy if they could afford them at each different price when all other influences on buying plans remain the same. C) the quantities that people plan to buy at each different price when all other influences on buying plans remain the same. D) the quantities that people plan to buy in all possible circumstances. E) the quantities that people plan to buy at each different price as long as producers are willing to supply that quantity.
Refer to Figure 3-2. An increase in the price of substitutes in production would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
A competitive price-taker firm would be willing to remain in the industry in the long run at zero economic profit because
a. it would find it too difficult to exit from the industry in the long run. b. accounting profit would be negative. c. it is covering all costs, including the opportunity cost of capital and labor. d. its sunk costs would prevent it from leaving the industry.
The primary reason unionization in the United States has been declining is the shift of the U.S. labor force into service industries and out of manufacturing.
Answer the following statement true (T) or false (F)