If someone suddenly developed a new technology that caused energy prices to drop significantly, it would most likely cause a ______.
a. negative supply shock
b. positive supply shock
c. period of high inflation
d. period of high unemployment
b. positive supply shock
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In the above figure, at point a what is the opportunity cost of producing one more audio tape?
A) 1 video tape per audio tape B) 2 video tapes per audio tape C) 14 video tapes per audio tape D) There is no opportunity cost.
Which of the following characterizes a perfectly competitive market?
A) The market demand curve is vertical. B) The demand for each individual firm's product is perfectly elastic. C) Each firm sets a different price. D) Each firm produces a product slightly different from that of its competitors.
Based on data from 2011, the top fifth of all families received approximately what percent of all income in the United States?
a. 83 percent b. 49 percent c. 41 percent d. 21 percent
Zippy Car Wash on Main Street needs at least one worker to operate. That one worker can clean 10 cars in an hour. If a second worker is present, 18 cars can be washed per hour. With three workers, 25 cars can be washed per hour. With a full staff of four workers, 30 cars can be washed per hour. What is the marginal product for number of workers at Zippy Car Wash?
a. the total number of cars that can be washed with four workers b. the cost of wages and benefits for Zippy’s workers c. the optimal staffing level for the car wash d. the per worker change in the number of cars that can be washed per hour