In the short run, it is necessary to nonprice ration a good whenever ________ exists.
A. excess supply
B. excess demand
C. a surplus
D. market equilibrium
Answer: B
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If the production technology has increasing returns to scale, short run marginal cost curves must be downward sloping.
Answer the following statement true (T) or false (F)
Interest differentials cause exchange rate changes
Indicate whether the statement is true or false
You want to add a new room on your house, but you are not familiar with the local building contractors and are not sure who to consider for the job
If you ask your friends for referrals, you are using their past experience as a way to evaluate the ________ of the builders. A) efficiency wages B) moral hazard C) asymmetric information D) reputation
Suppose a tax on buyers has been imposed in the graph shown. How much are buyers being taxed on each unit sold?
A. $4
B. $8
C. $12
D. $16