An increase in consumer confidence would shift the:
A) aggregate demand curve rightward.
B) aggregate demand curve leftward.
C) aggregate supply curve rightward.
D) aggregate supply curve leftward.
A
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The costs of ensuring that the parties live up to the promises they made in bargaining are called
A) search costs. B) collectivization costs. C) negotiation costs. D) monitoring and enforcement costs.
Which of the following could be true of perfect competition but not of monopoly?
a. The government licenses production of the good to a few firms. b. The government grants a patent for the good. c. A firm can earn economic profit in the long run. d. If price falls below average variable cost, it pays to shut down. e. There are no barriers to entry.
Negative externalities are costs incurred by: i. buyers ii. sellers iii. someone other than buyers or sellers
a. (i) only b. (ii) only c. (iii) only d. both (i) and (ii)
Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. The principle of diminishing returns first occurs when how many workers are hired?
A. 2 B. 3 C. 4 D. 5