Which of the following will increase a perfectly competitive seller's short-run supply and shift the firm's short-run supply curve rightward?
A) an increase in the market price
B) a decrease in average fixed costs
C) a decrease in marginal cost
D) Both answers A and B are correct.
E) Both answers A and C are correct.
C
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If demand rises and supply falls, which of the following must be true?
a. The equilibrium quantity will rise. b. The equilibrium quantity will fall. c. The equilibrium quantity will not change. d. The change in the equilibrium quantity is indeterminate.
When a commercial bank receives a deposit, it must keep part of the deposit as cash reserves to satisfy its
A) loan requirements. B) interbank loans. C) required reserves. D) securities and loans. E) excess reserves.
Technological advancements in the antebellum period were
(a) constant and stable. (b) almost non-existent. (c) concentrated in manufacturing. (d) slow in coming but labor-saving—especially in agriculture—when they emerged.
The central question in determining whether a good is public or private is whether
A. The good is provided by the government. B. We have the political will to exclude nonpayers from consumption. C. We have the technical capability to exclude nonpayers from consumption. D. Free riding is considered immoral.