In Graph A, if the price of computers changes from Point B to Point A, what type of change will happen in Graph B?
a. a shift down
b. a shift up
c. a shift to the right
d. a shift to the left
d. a shift to the left
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
If supply is perfectly inelastic, a sales tax imposed on sellers is paid by
A) only the buyers. B) only the sellers. C) both the buyers and sellers. D) None of the above answers is correct.
Why don't people take into consideration the external costs of their actions and reduce the amount of externalities?
What will be an ideal response?
Refer to Figure 7.1. What is the average product of 20 workers?
A. 1.1 units of output
B. 22 units of output
C. 2 units of output
D. 8 units of output