The "ceteris paribus" clause in the law of supply allows which of the following factors to change?
A. the price of an input
B. technology
C. the number of sellers
D. the price of the good supplied
Answer: D
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In the above figure, the slope across the arc between a and b is
A) 2/5. B) 1. C) 3/2. D) 5/2.
A warranty is most valuable as a signaling device when
A) the buyer has much more information about the product than the seller does. B) the seller has much more information about the product than the buyer does. C) the buyer has much more information about his or her own preferences than the seller does. D) neither the buyer nor the seller has good information about the product. E) neither the buyer nor the seller has good information about consumer preferences.
Why might an individual set up trusts?
A. as a strategy to avoid taxes on wealth. B. for lower insurance premiums. C. to insure the security of a loan. D. to have a steady stream of income during retirement.
Suppose a firm uses labor and capital to produce output. The last unit of labor hired has a marginal product of 12 units of output, and the last unit of capital employed has a marginal product of 20 units
Use the optimal combination of inputs rule to calculate the price of capital if the price of labor is $6 per unit. The price of capital is A) $2. B) $10. C) $20. D) impossible to determine with the information given.