If consumer desire for product X increases, all of the following will occur except:
A. an increase in the profits of industry X.
B. an increase in the quantity of resources employed by industry X.
C. an increase in the output of industry X.
D. a decrease in the quantity of resources employed in industry X.
Answer: D
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The bowed shape of the traditional production possibilities curve reflects the
A) negative side effects of economic growth. B) fact that not all resources are equally well-suited to producing all goods. C) costs of unemployment. D) problems of inequality.
As a result of the government procurement policy in the U.S.:
a. the domestic consumers are required to pay a higher price than the world price for the domestically produced goods. b. the government wields the sole authority of importing goods from abroad. c. the government wields the sole authority of exporting goods. d. the domestic producers can charge the government a higher price for their products than they charge consumers. e. the government is required to sponsor research and development for the domestic firms.
The consumer price index is calculated by the:
A. National Bureau of Economic Research. B. Congressional Budget Office. C. Social Security Office. D. Bureau of Labor Statistics.
Exhibit 7-17 Marginal revenue and cost per unit curves
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As shown in Exhibit 7-17, the short-run supply curve for the firm corresponds to which segment of its marginal cost curve?
A. C and all points above. B. B and all points above. C. A and all points above. D. A to C only.