Suppose the demand for strawberries rises sharply, resulting in an increased price for strawberries. As it relates to strawberry pickers, we could expect the
A. MRP curve to shift to the left.
B. MP curve to shift downward.
C. MRP curve to shift to the right.
D. MRC curve to shift downward.
Answer: C
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The change in total cost that results from the production of one additional unit is called:
a. marginal revenue. b. average variable cost. c. marginal cost. d. average total cost.
A price floor that is set above market equilibrium will cause
A. queuing on the part of consumers. B. a surplus. C. an excess quantity demanded. D. a shortage.
Last year you earned $20,000 and paid taxes in the second tax bracket at 15 percent. This year you earned $25,000, the extra $5,000 just compensating you for inflation. However, this year you paid taxes in the third bracket at 20 percent. This illustrates the concept of
A. Bracket creep. B. Stagflation. C. Deflation. D. Speculation.
How can price stickiness be used to categorize macroeconomic models?
What will be an ideal response?