The demand and supply curves shown in the diagram below represent which of the following changes? \
a. an increase in demand and an increase in the equilibrium price
b. a decrease in demand and a decrease in the equilibrium price
c. a decrease in demand and a decrease in the quantity supplied
d. an increase in the quantity demanded and an increase in supply
e. an increase in the supply and an increase in the equilibrium price
a. an increase in demand and an increase in the equilibrium price
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If preferences are transitive, indifference curves
A) intersect at the optimum consumption bundle. B) do not intersect. C) intersect where the marginal rate of substitution for each indifference curve is equal. D) intersect at the equilibrium consumption bundle.
Which of the following would cause a shift in the demand curve for a good?
a. An increase in consumers' income. b. A decrease in the number of consumers. c. The expectation that the price of a good will increase in the future. d. All of these.
In 2011 Buckeye Brewing produced 1,000 bottles of ginger ale each day. It employed 10 workers each working 8 hours a day. In 2012 it produced 960 bottles of ginger ale each day employing 8 workers who worked 8 hours each day. Productivity at Buckeye Brewing
a. increased by 20%. b. increased by 16.67%. c. decreased by 1.67%. d. decreased by 40%.
Business firms supply goods and services to ________ and purchase factors of production in ________.
A. factor markets; product markets B. factor markets; national markets C. product markets; factor markets D. national markets; factor markets