A decrease in supply:
a. Refers to a leftward shift in the supply curve
b. Is likely to result from the decrease in the price of a productive resource
c. Refers to a downward movement along a supply curve
d. Has the same meaning as the phrase "a decrease in quantity supplied"
a. Refers to a leftward shift in the supply curve
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When we calculate the price elasticity of demand, we use percentages of the average price and the average quantity in order to get the same value for the elasticity regardless of whether the price falls or rises
Indicate whether the statement is true or false
According to the above table, if the price of the good produced is $5 and the wage rate is $400, then the marginal revenue product of the 7th worker is
A) $300. B) $60. C) $12. D) $400.
A moderate rate of inflation is considered helpful if it: a. makes wages in labor markets rigid
b. stabilizes the interest rate. c. decreases the rate of growth in investments. d. makes wages in labor markets flexible.
The relationship between farm and nonfarm prices that existed during the period from 1910 to 1914 is known as
A. The target price. B. Price supports. C. The payment-in-kind program. D. The parity price.