A rightward shift of a market supply curve might be caused by:
a. the entry of new firms in the industry.
b. an increase in the wages of labor employed in the industry.
c. an increase in the price of the final product.
d. a decrease in the income of consumers.
e. an increase in the supply of a substitute good.
a
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When should a firm increase its production?
a. When it is earning a positive profit. b. When its revenues are too low to cover the firm's fixed costs. c. When there is a fall in the price of its product. d. When its marginal revenue exceeds its marginal cost.
Use the following graphs to answer the next question.
In the diagrams, AD1 and AS1 are the "before" curves. Assuming Q1 is full-employment output, a recession is depicted by ________.
A. panel (A) only B. panel (B) only C. panel (C) only D. panels (A) and (B)
The duration of the "short-run"
A) is one year. B) is the same for all goods. C) depends on the relative short-run elasticity of demand and supply for the good. D) depends on how long it takes consumers or firms to adjust for a particular good.
A friend tells you he is studying the incidence of the corporate income tax. What is the subject of his study?
A) how frequently corporations should be taxed B) how inflation affects the amount of tax revenue collected from firms C) how corporations can aid the government in collecting delinquent taxes D) how the burden of corporate taxation is distributed among stockholders, employees, and consumers