Economists define the short run as a period of time so short that
A) the amount of output cannot be changed except under diminishing marginal returns.
B) the amount of output cannot be changed at all.
C) only one factor of production can be varied.
D) at least one factor of production cannot be varied.
D
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Paint and paintbrushes are complements. If the price of paint increases, then
A) the demand for paintbrushes will increase. B) the demand for paintbrushes will decrease. C) the demand for paint will increase. D) the demand for paint will decrease.
If peanut butter and jelly are complements, then an increase in the price of peanut butter will reduce the demand for jelly.
Answer the following statement true (T) or false (F)
An effective price ceiling occurs when
A) the government sets a maximum price for a good above the equilibrium price. B) the government sets a minimum price for a good above the equilibrium price. C) the government sets a minimum price for a good below the equilibrium price. D) the government sets a maximum price for a good below the equilibrium price.
If the wage rate doesn't change but a profit-maximizing competitive firm hires fewer workers, we know that
A. demand for the product fell or there has been a reduction in labor productivity. B. marginal factor cost increased. C. the price of the product increased. D. technical change occurred that increased labor productivity, reducing the firm's demand for labor.