When there is a surplus of snowboards, the
A) demand for snowboards is greater than the supply of snowboards.
B) supply of snowboards is greater than the demand for snowboards.
C) quantity of snowboards demanded is greater than the quantity of snowboards supplied.
D) quantity of snowboards supplied is greater than the quantity of snowboards demanded.
E) price rises to restore the equilibrium.
D
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Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, producer surplus is
A) $0. B) $4. C) $62. D) $138.
Violations of the Sherman Antitrust Act have sometimes been punished by breaking up the offending firm into a number of smaller firms
a. True b. False Indicate whether the statement is true or false
Typically, division of labor and specialization result in
a. increases in labor productivity b. decreases in the marginal physical product of labor c. decreases in the marginal revenue product of labor d. decreases in the total output produced by labor e. decreases in efficiency because workers are laid off
If the economy is experiencing less than full-employment, the Keynesian model recommends that the government
a. do nothing to stimulate the economy. b. undertake expansionary fiscal policy to stimulate aggregate demand. c. undertake expansionary fiscal policy to stimulate aggregate supply. d. balance the budget to stimulate aggregate demand.