Each point on the supply curve shows the:
a. amount that people want to buy at that price
b. quantity supplied at that price.
c. productive capacity of an individual producer.
d. the amount producers want to sell to buyers of different income levels.
b
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When input prices are fixed, decreasing returns to scale implies that the long-run average cost curve is
a. downward sloping. b. horizontal. c. upward sloping. d. U-shaped.
Relative to a world in which some people are motivated by nonmaterial incentives, if all people were motivated solely by financial incentives, then:
A. both business transactions and personal interactions would be different. B. transactions in the business world would be the same, but personal interactions would not. C. there would be no commitment problems. D. economic efficiency would be achieved more often.
Which of the following would indicate the beginning of a recessionary phase in an economy?
a. Many new firms starting up b. Stock prices improving c. Businesses slowing down d. Demand for real estate picking up e. Orders for new equipment increasing
Real-wage unemployment can be caused by which of the following?
A. Minimum wage laws B. Retraining programs C. Low-interest student loans D. None of these cause real-wage unemployment.