Which of the following is a non-price determinant of supply?
A) the price of related goods consumers may buy
B) technological advances in production
C) consumers' incomes
D) the number of consumers
B
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If the aggregate supply curve is positively sloped, an increase in the money supply will result in an increase in both equilibrium national income and the equilibrium price level
a. True b. False Indicate whether the statement is true or false
If one is inside the production possibilities frontier,
A. more resources are needed to move to the frontier. B. production of one commodity can be produced but not more of both. C. production is not on the production contract curve. D. All of these are true
A tax is regressive if it takes a
A. Larger number of dollars as income rises. B. Smaller fraction of dollars as income rises. C. Smaller fraction of dollars as income falls. D. Larger number of dollars as income falls.
Explain why the marginal cost of production must increase if the marginal product of a variable resource is decreasing
What will be an ideal response?