American consumers decide to boycott grapes in support of the farm workers' union. Everything else being equal, the
a. price of grapes will rise.
b. supply of grapes will fall.
c. quantity supplied of grapes will fall.
d. demand curve for grapes will shift to the right.
c
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Which of the following statements is true?
A) Network effects act as barriers to entry in a market. B) Economies of scale act as incentives for new firms to enter a market. C) If a firm is enjoying economies of scale, then its product must have network effects. D) If a firm's product has network effects, then the firm must be enjoying economies of scale.
The positive relationship between short-run aggregate supply and the price level indicates that, in the short run
A) firms produce more output as the price level falls. B) firms produce more output as the price level rises. C) the money wage rate increases when moving along the short-run aggregate supply curve. D) lower price levels are more profitable for firms.
Marginal product is
A) the increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same. B) total amount of output produced. C) total amount of output produced divided by the quantity of labor employed. D) total amount of output produced divided by price of the output.
With more job training and more scholarships to poor American students, which special factor of production is likely to grow faster than in the past?
What will be an ideal response?