When the price of a good changes, other things constant, what occurs?
A) The supply curve shifts to the right.
B) The supply curve shifts to the left.
C) The supply curve becomes flatter.
D) The supply curve becomes steeper.
E) Only quantity supplied changes.
E
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An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 15.2. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.
A) exclude; do not B) exclude; do C) include; do not D) include; do
On average, electricians who work on dangerous high-voltage power lines earn more per hour than similarly skilled electricians who don't work on dangerous high-voltage power lines. The difference in pay is attributed to
a. the marginal product of labor. b. the marginal product of capital. c. diminishing marginal returns. d. a compensating differential.
The concept of comparative advantage applies:
a. only to people with at least a high school diploma.
b. only to people who are currently employed.
c. to situations in which you have information about the salary levels of those with whom you are competing for a job.
d. to every case of trade or exchange.
e. only to goods that are sold in the domestic market.
For a change to be potentially efficient, no one can be made worse off.
Answer the following statement true (T) or false (F)