Which of these events would indicate a movement along a supply curve for batteries?
a) Workers at a major battery factory go on strike and stop production
b) A new law requires battery manufacturers to spend more money on environmentally-sound trash disposal
c) Battery manufacturers raise the price of eight AA batteries from $3.50 to $3.95 a set.
d) A new trade agreement enables stores to import foreign batteries
Ans: c) Battery manufacturers raise the price of eight AA batteries from $3.50 to $3.95 a set.
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Your aunt owns a gold mine. The marginal extraction cost of gold is $25 and remains constant over time. The current market price of a unit of gold is $200. Your aunt's appropriate discount rate is 12%
Next year, your aunt expects the price of a unit of gold to be $222. Should your aunt extract any gold from the mine this year?
Labor productivity refers to:
A. the number of hours it takes a worker to produce one unit of output. B. the number of units of output a worker can produce in one hour. C. the money value of a good that all workers in a firm produce in one day. D. the total numbers of hours it takes all the workers in a firm to produce a given money value of a good in one day.
The marginal revenue curve of a monopolistically competitive firm is
A) downward sloping and above the demand curve. B) downward sloping and below the demand curve. C) identical to the demand curve as there are many small firms in the market. D) perfectly elastic.
The Oh So Humble Bakery sells 300 muffins at a price of $1 per muffin. Its explicit costs for producing 300 muffins are $250. The Oh So Humble Bakery's economic profits are
A. $35. B. $50. C. $250. D. indeterminate from this information.