Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from $2.50 to $2.25 per dozen:
a. the demand for cookies will fall
b. the demand for cookies will rise.
c. a larger quantity of cookies will be demanded.
d. a smaller quantity of cookies will be demanded.
c
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The processes a firm uses to turn inputs into outputs of goods and services are the firm's
A) production function. B) technology. C) total factor productivity. D) manufacturing ideology.
Economic profit is defined as the difference between:
a. total revenue and total explicit cost. b. total revenue and total implicit cost. c. explicit costs and implicit costs. d. total revenue and total costs, both explicit and implicit.
Frictional unemployment can be the consequence of
a. workers leaving existing jobs to find ones they like better. b. one industry declining while another is growing. c. changes in the working conditions offered by competing firms. d. All of the above are correct.
An increase in the price level in an economy will decrease the real GDP demanded along the aggregate demand curve.
a. true b. false