List the major non-price determinants of supply
What will be an ideal response?
Input costs, technology, prices of other goods that can be sold by the firm (complements and substitutes), future expectations, weather conditions, and number of sellers.
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Joe is shopping for a new computer. A computer can be delivered to Joe's home for $1,200. Alternatively, Joe can pick up the same computer at the warehouse for $1,000. How should Joe buy the computer?
A. Joe should drive to the warehouse because $1,000 is less than $1,200. B. Joe should drive to the warehouse if his cost of driving to the warehouse is less than $200. C. Joe should drive to the warehouse because the $200 he would save by driving to the warehouse is more than 10% of the purchase price. D. Joe should drive to the warehouse if his cost of driving to the warehouse is greater than $200.
What does the long-run average cost curve show?
A) the interaction between average fixed cost and marginal cost B) the lowest average cost to produce each output level in the long run C) the distinction between long-run fixed and long-run variable costs D) the lowest average marginal cost of producing each output level at any time E) Answers A, B, and C are correct.
The above figure shows the U.S. market for replacement cell phone batteries. Area A + area E is the
A) consumer surplus when there is a tariff. B) producer surplus when there is a tariff. C) tariff revenue. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
The sum of personal consumption expenditure, investment expenditure, government expenditure, and net export expenditure on the total amount of real output in the economy in a given period of time is called:
A) potential GDP. B) aggregate expenditure. C) real money balances. D) none of the above.