Which of the following would shift the supply curve to the right?
A) A rise in the expected future price of the good
B) A rise in the costs of producing the good
C) Fewer producers in the industry
D) All of the above.
E) None of the above.
E
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Betty and Ann live on a desert island. With a day's labor, Ann can produce 6 fish or 4 coconuts; Betty can produce 3 fish or 1 coconut. Betty's opportunity cost of producing 1 fish is ________, and she should specialize in the production of ________
A) 1/3 coconut per fish; fish B) 2/3 coconut per fish; coconuts C) 1 coconut per fish; fish D) 4 coconuts per fish; fish
Goods and services that can be produced by using commonly available resources that could be allocated to a wide variety of alternative tasks have a supply that is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic.
In privately held firms the manager-stockholder conflict is
A) worse than in the larger firm. B) the same as it is in the larger firm. C) less severe than in the larger firm. D) there is no manager-stockholder conflict because the manager is the owner.
Which of the following is a result of government price controls?
A) Some people win and some people lose. B) Price controls benefit poor consumers but harm producers and wealthy consumers. C) Price controls increase economic efficiency. D) The deadweight loss from price ceilings is greater than the deadweight loss from price floors.