A CPA recently has come to expect higher prices for expert tax advice in the near future. We would expect
a. the CPA to supply more expert tax advice now than she was supplying previously.
b. the CPA to supply less expert tax advice now than she was supplying previously.
c. the demand for this CPA's expert tax advice to fall.
d. no change in the CPA's current supply; instead, future supply will be affected.
b
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The figure above represents the relationship between output and cost in an industry with an external cost. Which line represents the marginal private cost (MC) curve?
A) Curve 1 B) Curve 2 C) the dotted line BC D) the y-axis E) the dotted line AB
Without any change in the supply of labor, how are the following events likely to change the equilibrium wage and employment level in a firm that manufactures umbrellas?
a) A forecast of higher rainfall this year b) A decrease in the price of raincoats c) The introduction of labor-saving technology in the factory
Refer to Scenario 17.3. If there is no insurance and no fire protection program in place, the expected loss from fire for this company is
A) $0. B) $300. C) $3,000. D) $6,000. E) $300,000.
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to remain the same. d. M2 money supply to rise.