Which of the following decreases aggregate supply?
A) discoveries of new raw materials
B) an increase in competition
C) an increase in training and education
D) a decrease in labor supply
D
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Which term refers to a legally established minimum price that firms may charge?
A) a tariff B) a price ceiling C) a subsidy D) a price floor
Which of the following will decrease an economy's capital-labor ratio?
a. improvements in technology b. decrease in the quantity of laborers c. increase in prices d. decrease in consumption e. decrease in the capital stock
Legislators often gain by bundling a number of projects benefiting local districts at the expense of general taxpayers together on a single bill. Such legislation is called
a. market failure legislation. b. the rational-ignorance effect. c. public-goods legislation. d. pork-barrel legislation.
Cheating in a cartel is more likely to occur if the industry
A. has little ability to affect market prices. B. has a large number of firms. C. has easily observable prices. D. has homogeneous products.