With price on the vertical axis and quantity on the horizontal axis, economists would draw a fall in supply as
A) a leftward shift in the supply curve.
B) a rightward shift in the supply curve.
C) a vertical supply curve.
D) any which way we like.
A
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Which of the following statements is correct?
A. Managerial decisions are affected by both microeconomic and macroeconomic forces. B. Managerial decisions are affected primarily by macroeconomic forces. C. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces. D. Managerial decisions are affected primarily by microeconomic forces.
Despite the fact that most votes have virtually no impact on the outcome of a vote, and knowing people incur opportunity costs to vote, we recognize that people vote for all of the following reasons except they:
A. feel pressure to fulfill their civic duty. B. altruistically decide to contribute to the democratic process by voting. C. get utility from participating in a civic event. D. are obligated legally to do so.
The kinked demand curve explains why __________ occurs in oligopoly even when costs change
a. collusion b. oligopolistic competition c. price rigidity d. marginal revenue rigidity e. the kink
The scarcity of physical resources is far more fundamental to the study of economics than the scarcity of funds
a. True b. False Indicate whether the statement is true or false