Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the likely result would be a
A. shift in the supply curve for aluminum bats.
B. shift in the supply curve for wooden bats.
C. change in the quantity supplied of aluminum bats.
D. persistent shortage of aluminum bats.
Answer: C
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Instituting a rent control program will most likely lead to
A) a shortage of rental units. B) overly elaborate and expensive construction. C) an efficient allocation of existing units among consumers. D) an excess quantity supplied of rental units.
Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising? Explain your answer
According to the life cycle model discussed in the textbook, people tend to borrow while young, pay off debt and build wealth in their middle age, and live off savings during their retirement.
Answer the following statement true (T) or false (F)
Firms producing an identical product in a perfectly competitive market are producing at a quantity that maximizes profit. The current market price is $4.50 per unit, and the firms are producing at a long-run average cost of $3.50 per unit. Firms in this market experience
a. a profit b. a loss and leave the market c. zero profit d. a loss and stay in business