Which of the following influences does NOT shift the supply curve?
A) a rise in the wages paid workers who produce the good
B) the development of new technology
C) people deciding that they want to buy more of the product
D) a decrease in the number of suppliers
C
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A shortage will occur whenever
A) price is below the equilibrium price. B) price is above the equilibrium price. C) price is equal to the equilibrium price. D) the supply curve is upward sloping.
A public good is one that is supplied to
a. only people who pay for it b. only people who do not pay for it c. all people, regardless of whether they pay or not d. the government from private firms e. foreign governments from our federal government
Property rights allowing individuals to own goods, services, and factors of production are most important in:
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.
In a competitive market, the actions of any single buyer or seller will
a. discourage entry by competitors. b. influence the profits of other firms in the market. c. have a negligible impact on the market price. d. None of the above is correct.