A schedule which shows the various amounts of a product producers are willing and able to produce at each price in a series of possible prices during a specified period of time is called:
a. Quantity supplied
b. Supply
c. Quantity demanded
d. Demand
Ans: b. Supply
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A firm uses labor and capital in its production process, and it faces competitive markets for its inputs and output. The firm's long-run labor demand curve
A) intersects with the short-run labor demand curve in several points. B) is exactly identical to its short-run labor demand curve. C) is steeper than its short-run labor demand curve. D) is flatter than its short-run labor demand curve.
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service, if the price of cable TV decreases, then consumer surplus (in the cable TV market):
A. increases. B. decreases. C. drops to zero. D. becomes negative.
If the market price falls from P0 to P1 in the above figure, then
A. there will be a further tendency for price to fall. B. there is a surplus of goods on the market equal to the distance Q1, Q2. C. there is a shortage equal to the distance EF. D. a new equilibrium quantity is established.
In the process of reducing pollutants in our environment, we are
A. trading off less of other goods and services for a cleaner environment. B. reallocating resources in an inefficient manner. C. causing higher levels of unemployment. D. achieving a cleaner environment at no real cost.