How does a supply curve illustrate the law of supply?
(A) It is a horizontal line.
(B) It always rises from left to right.
(C) It is a vertical line.
(D) It always rises from right to left.
Ans: (B) It always rises from left to right.
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When MFC = MRP, a firm in a competitive market will
A) stop hiring more workers. B) hire more workers. C) earn additional profits. D) layoff workers.
The decision to go to graduate school is a rational one for a college student if the
A) cost is not too great. B) marginal cost exceeds the marginal benefit of graduate school. C) marginal benefit of graduate school exceeds the marginal cost. D) opportunity cost of graduate school equals zero. E) student carefully compared the social benefits of this decision.
The banking industry is heavily regulated because
A. banking is a monopoly industry. B. most banks are owned by government agencies. C. bankers do what is best for their stockholders, not necessarily what is best for the economy. D. All of these responses are correct.
The conflict between the Vice President of Marketing and her sales staff arises because
a. the sales staff are unwilling to offer discounts b. the Vice President does not want to negotiate aggressively enough c. the sales staff do not want to negotiate too aggressively d. the Vice President is more willing to offer discounts to make the sale