By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good
A) quantity; price; quantity B) quantity; price; price
C) price; quantity; price D) price; quantity; quantity
C
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Imposing a minimum wage that is above the equilibrium wage rate results in
A) higher job search costs. B) lower unemployment. C) the labor market becoming more efficient. D) equilibrium in the labor market.
To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.
If the world price for this product is $1.60, this nation will experience a domestic
A. surplus of 160 units, which it will export. B. surplus of 160 units, which will reduce the world price to $1.00. C. shortage of 160 units, which will increase the domestic price to $1.60. D. shortage of 160 units, which it will meet with 160 units of imports.
The law of increasing opportunity costs is reflected in a production possibilities curve that is:
A. an upsloping straight line. B. a downsloping straight line. C. bowed out from the origin. D. bowed in toward the origin.
A tax levied on coal-fired plants that is based on the amount of carbon released in the atmosphere is considered by the firm as a:
A. variable cost. B. fixed cost. C. source of revenue. D. sunk cost.