In Figure 3-4 above, the shift from Ap0 to Ap1 could have been caused by a ________ in T of ________
A) fall, 300
B) fall, 180
C) fall, 500
D) rise, 300
E) rise, 500
C
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The learning curve suggests that an individual will
A) receive the same income throughout a career. B) gain experience and increase productivity over time. C) be subject to frequent spells of unemployment. D) have an income that falls over time.
What is the shape of average cost curve? Provide the reason for that particular shape
Having a goal that does not include making a profit can often explain why the unprofitable idea has not been implemented. These types of ideas may include:
A. helping the poor. B. making great art. C. promoting social justice. D. All of these.
For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. There are many substitutes for this good. b. The good is a necessity. c. The market for the good is broadly defined. d. The relevant time horizon is short.