A movement along a supply curve is induced by a change in
A) input prices.
B) taxes and subsidies.
C) price expectations.
D) the product's own price.
Answer: D
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Which of the following happens when an economy's labor demand curve shifts to the left without any change in its labor supply curve assuming all else equal?
A) The equilibrium wage rate rises. B) The output of the economy rises. C) The aggregate price level falls. D) The unemployment rate rises.
Societies must address the question of WHAT to produce because:
A.) We can't produce all the goods and services we want. B.) The amount of money in an economy is limited. C.) We are wasteful and use resources inefficiently. D.) Our economy experiences market failures.
Which of the following is a short-run adjustment?
A. Three new firms enter the computer chip industry. B. A firm hires six new workers. C. The number of farms in Kansas increases by 10%. D. A firm opens two new plants.
Any kind of social regulation raises the per unit cost of production of a good and hence leads to a loss of producer and consumer surplus
a. True b. False Indicate whether the statement is true or false