A market supply curve is determined by
a. vertically summing individual supply curves.
b. horizontally summing individual supply curves.
c. finding the average quantity supplied by sellers at each possible price.
d. finding the average price at which sellers are willing and able to sell a particular quantity of the good.
b
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John Maynard Keynes noted that
A. we could print all the money we want and still have scarcity. B. "to secure the greatest amount of pleasure with the least possible outlay should be the aim of all economic effort." C. the general notion that scarcity is due to not having enough money is an illusion. D. we could print all the money we want and still have scarcity AND the general notion that scarcity is due to not having enough money is an illusion.
Which of the following is not one of the strengths of the Cobb-Douglas production function?
A) Both marginal product and returns to scale can be estimated from it. B) It can be converted into a linear function for ease of calculation. C) It shows a production function passing through increasing returns to constant returns and then to decreasing returns. D) The sum of the exponents indicates whether returns to scale are increasing, constant or decreasing.
Which of the following will NOT cause increasing returns to scale and declining average costs?
a. focusing on a single product line and specializing b. exporting goods to other countries c. selling more in their home market d. hiring more workers at the existing plant
Related to the Economics in Practice on page 131: Uber drivers can choose to drive as many or as few hours as they desire, and most drivers have another job and drive for Uber as a way to supplement their income. Assuming leisure is a normal good, if Uber increased the wages it paid its drivers then the income effect would result in drivers working ________ and buying ________ leisure.
A. more; more B. more; less C. less; less D. less; more