A sellers' supply curve represents:
a. the private cost borne by the sellers.
b. the subsidies received by the sellers.
c. the taxes paid by the sellers
d. the social cost borne by the sellers.
a
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Which of the following statements is true?
A) At wages above the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor. B) At wages below the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor. C) At the equilibrium wage rate, quantity supplied of labor exceeds the quantity demanded of labor. D) At the equilibrium wage rate, quantity demanded of labor exceeds the quantity supplied of labor.
A perfectly competitive firm will maximize profit when the quantity produced is such that the
A) firm's total revenue is equal to total cost. B) firm's marginal revenue is equal to the price. C) firm's marginal revenue is equal to its marginal cost. D) price exceeds the firm's marginal cost by as much as possible. E) firm's marginal revenue exceeds its marginal cost by the maximum amount possible.
There's been a real depreciation of the dollar over the past month. In the long run, you would expect the quantity of
A) American imports to fall and the quantity of American exports to fall. B) American imports to rise and the quantity of American exports to rise. C) American imports to fall and the quantity of American exports to rise. D) American imports to rise and the quantity of American exports to fall.
If expected inflation were 3%, and the real interest rate was 6%, what sector would be worse off if the actual inflation rate turned out to be 5%
a. Businesses. b. Laborers. c. Both. d. None.