If real wages fall:
A) consumer demand is likely to increase.
B) employers are likely to hire more workers.
C) the level of economic production will always increase.
D) the level of economic production will always decrease.
B
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Suppose that you have returned from your fishing expedition with 20,000 fish. The market price is $3 per fish. Your average fixed cost was $1 and your total variable cost was $5,000 . If the price jumps to $3.50 before you sell your first fish, how much extra profit, if any, do you earn?
a. c and d b. Extra profit is zero. c. Extra profit is enough to cover half of the fixed cost of your next trip. d. Extra profit is enough to cover all of the variable costs of your next two trips. e. Extra profit is $45,000.
If economic development in a society causes a steadily rising percentage of the population to enter the labor force, measured gross domestic product will probably rise
What will be an ideal response?
Oligopolists will maximize total profits for all of the firms in the market at the rate of output where
A. TR = TC for the total market. B. MR = MC for the marginal firm. C. A monopoly firm would produce if it was maximizing profits. D. AR = AC for each firm.
Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. A movement from Point C to Point B on demand curve D2 would be caused by a(n)
A. decrease in the price of pizza. B. decrease in income, assuming pizza is a normal good. C. increase in the price of pizza. D. decrease in the price of hamburgers, assuming that pizza and hamburgers are substitutes.