A decrease in the price of coffee, other things being equal, causes a(n):
A. leftward shift in the demand curve for coffee.
B. downward movement along the demand curve for coffee.
C. rightward shift in the demand curve for coffee.
D. upward movement along the demand curve for coffee.
Answer: B
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Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's total cost
A. is $10. B. is $400. C. is $40. D. cannot be determined from the information provided.
Frictional unemployment may be economically beneficial if:
A. the social costs are limited to smaller tax revenues collected. B. its psychological costs are borne only by the unemployed worker. C. it leads to a better match between worker and job. D. losses in economic output are small.
Suppose that only 2 percent of all people are geniuses. If an IQ test indicates that Albert is a genius, but the test is only accurate 90 percent of the time, then the probability that Albert really is a genius is roughly:
A. 18 percent. B. 16 percent C. 10 percent. D. 2 percent.
How is the architecture within firms usually designed?
What will be an ideal response?