Supply describes how much of something producers:
A. are willing and able to buy under certain circumstances.
B. want to sell under certain circumstances, although they may not be able to.
C. are willing and able to offer for sale at varies prices under given circumstances.
D. want to offer for sale under certain circumstances, although they may not be willing to.
C. are willing and able to offer for sale at varies prices under given circumstances.
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Which of the following statements correctly differentiates between the slope of the demand curve and price elasticity of demand along a linear demand curve?
A) The price elasticity of demand for a good is the same at different points on the demand curve, whereas the slope of the demand curve varies depending on the point where it is measured. B) The price elasticity of demand for a good varies along the demand curve, whereas the slope of the demand curve remains the same at different points on the curve. C) The price elasticity of demand is a ratio, whereas the slope of a demand curve is a product. D) The price elasticity of demand is a product, whereas the slope of a demand curve is a ratio.
When tastes over current and future consumption are homothetic, the interest rate elasticity of savings supply is positive.
Answer the following statement true (T) or false (F)
Which of the following is not a property of a competitive equilibrium?
A) markets clear. B) consumers and firms optimize given market prices. C) the government budget constraint is satisfied. D) increasing total factor productivity.
Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $700; AVC = $500; MC = $600; MR = $600. The firm should
A) increase output. B) decrease output. C) continue to produce its current output. D) shut down.