An increased equilibrium price and a decreased equilibrium quantity results from:
a. a decrease in supply.
b. an increase in demand.
c. an increase in supply.
d. a decrease in demand.
a
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One of the major reasons for the U-shaped average total cost curve is the fact that
A) there are increasing returns from labor regardless of the number of workers employed. B) there eventually are decreasing returns from labor as more workers are employed. C) prices fall as output increases. D) the average fixed cost increases as more output is produced. E) the variable cost decreases as more output is produced.
How does a firm in monopolistic competition determine its price and quantity? What type of profit can it earn in the short run and the long run?
What will be an ideal response?
The voting members of the Open Market Committee are
a. the 7 Governors of the Federal Reserve System. b. the 12 presidents of the Federal Reserve Banks. c. the 7 Governors and the Chairman of the Council of Economic Advisors. d. the 7 Governors and 5 of the presidents of the 12 regional Federal Reserve Banks.
The supply curve of an exhaustible resource shifts up as the marginal cost of extracting the resource increases
a. True b. False Indicate whether the statement is true or false