According to the short-run aggregate supply curve, firms are most likely to respond to an increase in aggregate demand by raising ________.
A. prices
B. production
C. both production and prices
D. neither production nor prices
Answer: C
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When the price of rice rises,
A) the market quantity supplied of rice increases. B) the market supply of rice increases. C) the market quantity of rice demanded decreases. D) Both A and C are true. E) Both A and B are true.
The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's
A) production function. B) marginal product of labor. C) average product of labor. D) supply curve, or supply schedule.
An economy's resources: a. include land, labor, capital, and entrepreneurial skills
b. are unlimited in a country like the United States. c. are always efficiently utilized in wealthy nations. d. consist of land, labor and capital, but not entrepreneurial skills.
The reasons why women are paid less than men are mainly
A. psychological … women only think they're paid less. B. political … men are in control of the political system and government controls pay. C. sociological … society imposes restrictions on women that limit their pay. D. economic … they are less capable therefore paid less.