The demand curve illustrates
A) the amount of a good people need.
B) the amount of a good people want, regardless of price.
C) the amount of a good people plan to purchase at given prices.
D) the amount of a good people wish to have, but aren't willing to pay for.
C
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An increase in the supply of capital, which is a complement to labor, will lead to
A) an increase in the quantity of labor demanded. B) a decrease in the demand for labor. C) an increase in the demand for labor. D) a decrease in the quantity of labor demanded.
Short-run average cost exceeds long-run average cost only when there are economies of scale
Indicate whether the statement is true or false
When an external cost exists in the production of a good, firms tend to
A) under-produce the good since society pays these costs. B) over-produce the good. C) keep production constant throughout the year. D) under-allocate resources to the production of the good.
Physical capital differs from raw materials in the sense that raw materials
a. have a longer useful life in production b. are considered human capital c. cannot be used to produce goods and services d. are used up in production e. are not a resource used in production