A decrease in the quantity supplied is represented by a
A) movement down the supply curve.
B) movement up the supply curve.
C) rightward shift in the supply curve.
D) leftward shift in the supply curve.
A
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MSB equals
A) MC + the marginal external cost. B) MC + the marginal external benefit. C) MB + the marginal external cost. D) MB + the marginal external benefit. E) MB + MC.
If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing. B) average variable costs must be increasing. C) marginal costs can be either increasing or decreasing. D) marginal costs must be increasing.
If government imposes an excise tax on a good and the tax burden is borne equally by buyers and sellers, then
A) price elasticity of demand is unitary. B) price elasticity of supply is unitary. C) the absolute values of price elasticities of demand and supply are equal. D) None of the above
An economy's natural rate of unemployment refers to the amount of unemployment that the economy normally experiences
a. True b. False Indicate whether the statement is true or false