When workers are paid higher wages, production costs:
A. rise, supply shifts leftward, and product prices rise.
B. rise, supply shifts leftward, and product prices fall.
C. rise, supply shifts rightward, and product prices rise.
D. fall, supply shifts rightward, and product prices fall.
Answer: A
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Technologically efficient production plans are also economically efficient.
Answer the following statement true (T) or false (F)
The height of the market supply curve
a. at any quantity shows the value -- to someone -- of the last unit of the good consumed b. at any quantity shows the cost -- to someone -- of purchasing the last unit of the good c. at any quantity shows the marginal cost of producing the last unit of a good d. shows the market value of a good or service e. measures the size of the side payment necessary to achieve a Pareto improvement
The supply curve for one firm resembles ______.
a. an ellipse b. a staircase c. a pine tree d. a ski slope
Refer to the information provided in Figure 31.1 below to answer the question(s) that follow.
Figure 31.1Refer to Figure 31.1. Technological progress will cause a
A. shift from ppf2 to ppf1. B. movement from Point B to Point A. C. movement from Point A to Point B. D. shift from ppf2 to ppf3.