The price elasticity of supply is ________ elastic over time because ________.
A. more; producers get accustomed to the price changes
B. less; the ideal number of firms have time to move into or out of the industry
C. more; producers have a longer time to adjust their production decisions
D. less; producers get accustomed to the price changes
Answer: C
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Intense market competition is ________ for producers, since it_______
a. Bad; erode consumer surplus b. Bad, erode producer profits c. Good, increase the price level in the market d. Good; decrease the price level in the market
An employer would never operate on the upward-sloping part of an MRP curve because
A. he or she would not be maximizing profits. B. he or she would be hiring workers at wages above MRP. C. the number of workers is too large to get economies of scale. D. he or she would then have too little capital per worker.
Which of the following is true?
a. The natural rate of unemployment is present when the economy is operating at full employment.
b. The natural rate of unemployment is equal to the number of persons unemployed divided by the number of persons in the labor force.
c. The natural rate of unemployment is primarily the result of the ups and downs of the business cycle.
d. Public policy cannot influence the natural rate of unemployment.
The Economy Tomorrow on "Harnessing the Sun" states that the percentage of electricity that is generated from burning oil and coal is:
A. Between 30% and 50%. B. Less than 10%. C. Between 10% and 30%. D. Greater than 50%.