If the price of an input increases, each individual firm's ________ shifts upward and the ________ shifts to the left.
A. supply curve; marginal cost curve
B. demand curve; industry supply curve
C. marginal revenue curve; marginal cost curve
D. marginal cost curve; industry supply curve
Answer: D
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The firm's demand for labor is derived directly from ________
A) the wage rate B) the supply of labor C) labor's cost D) labor's value of marginal product
Does the fact that diamonds, which we do not need to survive, are more expensive than water, which is a necessity, constitute a violation of utility maximization?
What will be an ideal response?
During periods of poor economic performance, real GDP:
A. declines and unemployment rises. B. declines and unemployment declines. C. declines but unemployment typically does not change. D. is unchanged but unemployment rises sharply.
The Federal Register
A) itemizes state and local government spending. B) is used to track immigration. C) publishes all the new federal regulatory rules. D) has decreased in size.