Refer to the table. In relation to column (3), a change from column (2) to column (1) would indicate a(n):
A. increase in demand.
B. decrease in demand.
C. increase in supply.
D. decrease in supply.
A. increase in demand.
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People add to their stock of human capital
A) by being lucky. B) by currying favor with powerful people. C) by going to school. D) by practicing their skills. E) in all of the above ways.
Which of the following statements regarding a marginal-cost pricing rule for a natural monopoly is WRONG?
A) It maximizes total surplus in a regulated industry. B) The firm produces the efficient quantity. C) The firm's price equals its marginal cost. D) The firm makes an economic profit.
Output per capita will tend to increase if the labor force participation rate in a country ____ or if workers put in ____ hours. a. rises; longer
b. rises, shorter. c. falls; longer. d. falls; shorter
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Tom should:
A. keep his shop going because he's earning a healthy $35,000 a year. B. keep his shop going because he's earning $5,000 more than his salary before. C. close his shop and go back to what he was doing before with his time and assets, because it was earning him $6,000 more than he's earning now. D. None of these is true.