Streaming Netflix movies would be considered:
A. a common resource.
B. a private good.
C. a public good.
D. an artificially scarce good.
D. an artificially scarce good.
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Assume that goods X and Y are substitutes and are produced in perfectly competitive markets. All else constant, in the short run, a decrease in the supply of good X would cause:
A) an increase in the demand for good Y. B) a decrease in the demand for good Y. C) an increase in the supply of good Y. D) a decrease in supply of good Y.
From the quantity equation we find that the rate of inflation is equal by definition to the growth rate of the money supply ________ the growth rate of velocity ________ the growth rate of real GDP
A) plus, plus B) plus, minus C) minus, plus D) minus, minus
A dairy company, Farley Farm, has total costs of $10,000 and total variable costs of $3,000. Farley Farm's total fixed costs are
A. $0. B. $7,000. C. $13,000. D. indeterminate because the firm?s output level is not known.
A firm faces the labor productivity and cost schedule in the table above. What is the marginal resource cost of the seventh worker?
A. $11
B. $13
C. $15
D. $17