An increase in the price of metal raises the cost of manufacturing dishwashers. As a result, the market changes to a new equilibrium because of
a. a surplus of dishwashers.
b. an increase in the demand for dishwashers.
c. a leftward shift in the demand curve for dishwashers.
d. a leftward shift in the supply curve for dishwashers.
D
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When price is less than the firms' minimum average total cost, ________
A) new firms will enter the market B) existing firms will leave the market C) prices are likely to fall further D) firms' profits are likely to be maximum
In 1997 a community in a Southeastern state passed a beautification ordinance (law prohibiting the placement of indoor furniture outside of homes, i.e., no couches on the porch). The law represents a conflict between __________ and __________
a. the rich; the poor b. third parties; private property rights c. consumers of goods; producers of goods d. public goods; private goods e. market failure; government failure
Which of the following statements is not true?
A. There is a wage premium for investing in high levels of education. B. The wage premium of men and women college graduates has been increasing over time. C. Better-educated individuals are more productive. D. Public policy initiatives that support on-the-job training have been met with mixed results.
Discuss the major determinants of net exports.
What will be an ideal response?