Seller A has an upward-sloping supply curve and is willing to supply 400 units of a commodity at a price of $5 per unit. Seller A is now willing to supply 500 units at a price of $5 per unit. Evidently, seller A has experienced a(n):
A. increase in supply.
B. decrease in supply.
C. increase in quantity supplied.
D. decrease in the quantity supplied.
Answer: A
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The ________ is the total number of people aged 16 years and older (and not in jail, hospital or institutional care) while the ________ is the number of people employed and the unemployed
A) labor force; working-age population B) labor force participation rate; labor force C) working-age population; labor force D) working-age population; labor force participation rate
If the price elasticity of demand for a good is 0.8, then a
A) 1 percent rise in the price leads to a 0.8 percent decrease in the quantity demanded. B) one dollar rise in the price leads to a 0.8 percent decrease in the quantity demanded. C) 1 percent rise in the price leads to an 80 percent decrease in the quantity demanded. D) 1 percent rise in the price leads to an 8 percent decrease in the quantity demanded.
All of the following are government purchases except
A) the salary paid to Senator John Cornyn of Texas. B) the presidential pension paid to former President George H.W. Bush. C) the purchase of a new office building for the CIA. D) the purchase of new radar tracking equipment for the Navy.
Suppose Bright Orange is large firm that grows and harvests oranges. Each orange yields 2 ounces of orange juice and exactly one orange peel. The market for oranges is perfectly competitive and Bright Orange sells the orange juice to juice distributors and the orange peels to fragrance companies. At a quantity of 400,000 oranges, juice distributors will pay $0.04 per ounce of orange juice and
fragrance companies will pay $0.15 per orange peel. At the quantity of 400,000 oranges, what is the market equilibrium price of an orange? A) $0.11 B) $0.25 C) $0.23 D) $0.19