an individual demand schedule
What will be an ideal response?
tells the price at which a person's "quantity of demand" is met.
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An individual rents an apartment for $200 per month. His monthly opportunity cost of commuting to work from this apartment is $50. After a year, he moves to an apartment closer to his place of work, but pays $250 as rent
Compared to the initial situation, after a year: A) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment remains unchanged. B) his direct cost of renting the apartment increases, while the indirect cost of renting the apartment decreases. C) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment decreases. D) his direct cost of renting the apartment remains the same, while the indirect cost of renting the apartment increases.
Suppose the paper industry is in long-run competitive equilibrium and the demand for paper increases. If the industry has external diseconomies of scale, what will happen to the price of paper in the long run?
What will be an ideal response?
The achievement of the optimal allocation of society's scarce resources requires that regulators set prices equal to firms marginal cost
a. True b. False
Which of the following factors will increase labor productivity in the United States?
a. An aging labor force b. A decline in the number of women entering the workforce c. An increase in unskilled workers d. An increase in the average level of education e. A decrease in the number of educated immigrants