Any improvement in overall production technology that permits more output to be produced with the same amount of inputs causes:
a. A rightward shift of the supply curve so that more is offered at each price
b. A movement up the supply curve, resulting in both a higher equilibrium quantity and price
c. A leftward shift of the supply curve so that less is offered for sale at each price
d. No movement of the supply curve but a fall in price and a decrease in quantity supplied
a. A rightward shift of the supply curve so that more is offered at each price
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The income effect of a decrease in the wage rate causes the quantity of labor supplied to
a. increase b. increase only if the individual desires more leisure time c. increase only if the substitution effect outweighs the income effect d. decrease e. decrease only if the substitution effect is weaker than the income effect
Which of these changes is observed in an economy when a recessionary gap is closed in the long run?
a. An increase in the inflation rate and a decrease in the unemployment rate b. An increase in the level of output and a decrease in the price level c. An increase in both the rate of output and the price level d. A decrease in both the rate of output and the price level e. A decrease in the inflation rate and an increase in the unemployment rate
The price charged by a monopolist is the point on the demand curve that corresponds to the output where marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
An unmarried couple holding joint title to their condominium constitutes a household
a. True b. False Indicate whether the statement is true or false