The supply curve for land in New York City is most likely
A) horizontal or perfectly elastic.
B) a downward sloping straight line.
C) an upward sloping straight line.
D) vertical or perfectly inelastic.
D
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If a seller in a competitive market chooses to charge more than the going price, then
a. the sellers' profits must increase. b. the owners of the raw materials used in production would raise the prices for the raw materials. c. other sellers would also raise their prices. d. buyers will make purchases from other sellers.
A firm's reinvested profit is referred to as:
a. corporate bonds. b. dividends. c. an annuity d. retained earnings.
A decrease in the money supply might indicate that the Fed had
a. purchased bonds to increase banks reserves. b. purchased bonds to decrease banks reserves. c. sold bonds to increase banks reserves. d. sold bonds to decrease banks reserves.
If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out. B) be a loop. C) be a straight line. D) not exist.