The knowledge and skills possessed by the workforce is known as
A. Human finance.
B. Human capital.
C. The inequality trap.
D. Investment capital.
Answer: B
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If the demand curve a firm faces shifts to the right, usually:
a. it would be impossible to tell whether the marginal revenue curve shifts. b. the marginal revenue curve would shift to the left. c. the marginal revenue curve would shift to the right. d. the marginal revenue curve would not shift.
An increase in rent would
A. increase the demand for land. B. decrease the demand for land. C. decrease the supply of land. D. None of the choices are correct.
Which of the following statements is true about monopolistically competitive firms?
A) Unlike perfectly competitive firms, monopolistically competitive firms are able to raise their prices without losing all of their customers. B) Like perfectly competitive firms, monopolistically competitive firms are not able to raise prices without losing all of their customers because they face competition from firms selling similar products. C) Like perfectly competitive firms, monopolistically competitive firms maximize their profits by setting price equal to marginal cost. D) Unlike perfectly competitive firms, monopolistically competitive face perfectly inelastic demand curves.
If the price of an input increases, each individual firm's marginal cost curve shifts ________ and the industry supply curve ________.
A. up; does not change B. downward; shifts to the left C. up; shifts to the left D. downward; shifts to the right