A change in supply cannot be caused by a change in:
A. resource prices.
B. technology.
C. the number of suppliers.
D. the price of the good itself.
Answer: D
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In the above figure, if the market is in equilibrium, area A + area B + area C equals
A) total surplus. B) consumer surplus. C) deadweight loss. D) producer surplus. E) total revenue.
The ratio of a bank's after-tax profit to bank capital is known as
A) net interest margin. B) return on equity. C) return on capital. D) spread.
Exhibit 10-1 A monopolistic competitive firm
As represented in Exhibit 10-1, the maximum long-run economic profit earned by this monopolistic competitive firm is:
A. zero. B. $200 per day. C. $1,000 per day. D. $20,000 per day.
An increase in output would result in a rise in long-run average costs when there are
A. the law of diminishing marginal product. B. diseconomies to scale. C. constant returns to scale. D. economies of scale.