Refer to the above table for smartphones. Suppose there are technological advances in the production of smartphones. The new equilibrium price will be
A. $275.
B. less than $275.
C. between $275 and $375.
D. $375.
Answer: B
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If an asymmetry of information is removed and laborers' preferences change against employment, this will shift the equilibrium in the labor market to the
A. northwest. B. northeast. C. southwest. D. southeast.
An example of an entrepreneur would be
A) the owner of a new Indian food restaurant. B) the cafeteria employee who won the employee of the month award. C) a Greyhound bus driver. D) the cashier at your local supermarket.
Which of the following statements represents a correct and sequentially accurate economic explanation?
A) The (U.S.) dollar appreciates, net exports rise, total expenditures on goods and services rises, AD rises, and the AD curve shifts rightward. B) The interest rate falls, investment rises, total expenditures on goods and services rises, AD falls, and the AD curve shifts leftward. C) Wealth increases, consumption rises, total expenditures on goods and services rises, AD falls, and the AD curve shifts rightward. D) (Business) expectations about future sales become more positive, investment rises, total expenditures on goods and services rises, AD rises, and the AD curve shifts rightward. E) Foreign real national income rises, net exports rise, total expenditures on goods and services falls, AD rises, and the AD curve shifts rightward.
Answer the following statement true (T) or false (F)
1) The marginal revenue product curve of a purely competitive seller declines solely because of the law of diminishing returns. 2) Producers should hire resources until the total output of each is equal. 3) It will be profitable for a firm to hire additional units of any resource up to the point at which its MRP is equal to its MRC. 4) The more elastic the demand for a product, the less elastic will be the demand for the resources employed in producing it.