If in the market for oranges the supply has increased, then
A) the supply curve for oranges has shifted to the left.
B) the supply curve for oranges has shifted to the right.
C) there has been a movement upwards along the supply curve for oranges.
D) there has been a movement downwards along the supply curve for oranges.
B
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An increase in investment causes the price level to ________ in the short run and ________ in the long run
A) decrease; increase B) increase; increase further C) increase; decrease D) decrease; decrease further
Constant returns to scale refers to when:
A. an increase in the quantity of output decreases average total cost in the long run. B. an increase in the quantity of output increases average total cost in the long run. C. average total cost does not depend on the quantity of output in the long run. D. None of these is true.
Price discrimination often permits some consumers who otherwise would be excluded from a market to buy a good or service
a. True b. False Indicate whether the statement is true or false
A case for income equality includes all the following except
a. maximum economic growth b. randomness of personal misfortune c. unequal ownership of property d. accepting Rawls's theory of justice e. maximization of society's utility