Refer to Figure 13-2. Ceteris paribus, a decrease in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
A
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If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where
A) MRPL < W (the wage). B) MRPL = P (the output price). C) MRPL just exceeds W. D) MRPL = W. E) none of the above
Under the theory of perfect competition, firms and buyers know the availability and prices associated with all products in the market
a. True b. False Indicate whether the statement is true or false
If imports of goods are greater than exports of goods, the nation is experiencing a:
A. negative balance on current account. B. goods trade deficit. C. capital account imbalance. D. weakening of its currency.
Along a supply curve, product price and producer surplus are inversely related.
a. true b. false