The above figures show the market for hamburger meat. Which figure(s) shows the effect of a new report by the U.S. Surgeon General that beef consumption is healthier than previously believed?
A) Figure A
B) Figure B
C) Figure D
D) Figure A and B
A
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In an input market, economic rent is defined as
a. the total remuneration paid to a factor of production. b. the minimum amount required to retain a factor of production in its present use. c. the total cost for a firm of renting land, equipment, and buildings. d. the extent to which payments to a factor of production exceed the minimum amount required to retain it in its present use.
When speculators begin to sell futures contracts, suppliers will
a. try to sell more in the spot market. b. store more of their crop to sell in the future. c. not have any incentive to change their plans. d. earn larger profits.
The law of demand can be stated as all else equal:
A. quantity demanded rises as price falls. B. quantity demanded rises as price rises. C. quantity demanded rises as income rises. D. demand rises as price falls.
Which of the following will cause a shift in the demand curve of labor?
A) an increase or decrease in the productivity of labor B) an increase or decrease in the demand for the product labor produces C) a decline in the price of a complementary input D) all of the above