Identify the scenario that will cause the supply curve to shift to the left
a. Producer expects now that the price will be lower later
b. Price decreases for a substitute in production
c. Input price increases
d. Increase in number of suppliers
c
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Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. Show that the isoquants for this function are convex
What will be an ideal response?
Normative economic analysis addresses
A. what ought to happen. B. factual issues. C. the cause-and-effect analysis of actions and their consequences. D. are potentially testable.
Supply-side economists focus on the expansion of capacity through lower marginal tax rates and policies to increase production incentives.
Answer the following statement true (T) or false (F)
Consider two people involved in a marriage or relationship. If, when one person is caught cheating on their agreement, the other divorces or leaves them, then they are using a:
A. tit-for-tat strategy. B. grim-trigger strategy. C. dominant strategy. D. predatory strategy.