The price of hard drives used in the manufacturing of laptop computers has risen. This will lead to ________ laptop computers.
A. a decrease in the quantity supplied of
B. an increase in the quantity supplied of
C. a decrease in the supply of
D. an increase in the supply of
Answer: C
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The demand for computer chips is a downward sloping straight line. If there is an increase in the supply of computer chips, this change will
A) increase the price elasticity of demand for computer chips. B) decrease the price elasticity of demand for computer chips. C) have no effect on the price elasticity of demand for computer chips. D) have an unpredictable effect on the price elasticity of demand for computer chips.
Mr. Stewart owns the only hardware store in a small Midwestern town. His nearest competition is more than 50 miles away, yet he does not earn any economic profit. Does someone need to explain the economic concept of monopoly to him?
The Human Resources department at a firm has two job candidates for one position. Both candidates went to the same college, took the same classes, and have the same academic record. They both performed well in the interview and said that they see the job as a long-term position. One applicant is male; the other is female. Historically within the firm, women quit their jobs at higher rates than do men. Because of this, the firm fills the position with the male candidate. What kind of discrimination is this?
A. consumer discrimination B. employee discrimination C. statistical discrimination D. employer discrimination E. None of these is examples of discrimination.
Consider the following production table: Labour Capital Output (i) 1,000 1,000 10,000 (ii) 2,002 2,000 20,010 Assuming that the production function displays constant returns to scale, what is the marginal product of labour when labour and capital are both equal to 1,000?
A. 1 B. 5 C. 10 D. 20