If input prices increase, all else equal,
A. supply will increase.
B. quantity supplied will decrease.
C. supply will decrease.
D. demand will decrease.
Answer: C
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Which of the following statements identifies a similarity between optimization in levels and optimization in differences?
A) Both techniques consider only the costs of different alternatives. B) Both techniques consider only the total benefits of different alternatives. C) Both techniques evaluate the total net benefit of different alternatives to arrive at a decision. D) Both techniques require the conversion of all costs and benefits into a common unit of measurement.
Which of the following is NOT considered to be in the labor force?
A) a student who works part-time B) a person who is not working but who has tried to find a job in the past week C) a person who is waiting to start a new job in the next 30 days D) a person who is not working and who has not tried to find a job
In a country with unusually high tax rates, one might expect that ________
A) GDP might be overstated because the government might avoid running surpluses B) GDP might be understated because its citizens might avoid reporting some of their income C) GDP might be overstated because the government might raise its outlays D) GDP might be understated because its citizens might flee the country E) after tax income should be much higher than that of countries with lower tax rates
When the economy produces its potential output, _____ is zero
a. frictional unemployment b. cyclical unemployment c. seasonal unemployment d. structural unemployment e. disguised unemployment