Short-run total cost is defined as
A. total fixed cost plus total variable cost.
B. total capital cost only.
C. price of labor per unit multiplied by the number of labor units.
D. the sum of marginal cost and total variable cost.
Answer: A
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When the real interest rate ________ the equilibrium real interest rate, there is a ________ of loanable funds and the real interest rate ________
A) is less than; shortage; falls B) is less than; surplus; rises C) exceeds; surplus; rises D) exceeds; surplus ; falls E) exceeds; shortage; rises
Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?
A) It accounts for a small part of the consumer's total income. B) The good has many available substitutes. C) It is a non-durable (as opposed to a durable good). D) There is little time for the consumer to adjust to the price change.
When the current price of a good is below the equilibrium price:
A. sellers will notice their inventories are growing. B. there will be excess supply. C. the price will tend to stay below the equilibrium price. D. buyers have an incentive to offer to pay sellers more than the current price.
If the graph shown is displaying a competitive labor market:
A. P* would represent how many people are employed in the market. B. Q* would represent the equilibrium wage. C. D would represent the workers' demand for jobs at each wage. D. Q* would represent the equilibrium number of workers in the market.