If P = 3Qs + 3 represents market supply for a competitive industry and market demand is given by Qd = 31 - 1/3 P, the equilibrium quantity is:
A. 10.
B. 48.
C. 20.
D. 15.
Answer: D
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If in some production range average cost is rising, the firm is experiencing
A. increasing returns to scale. B. decreasing returns to scale. C. constant returns to scale. D. increasing costs per unit of output.
Producer surplus for a particular unit of a good is the price the seller receives for that unit minus the largest amount the seller would accept for it
a. True b. False
Exchange rates will affect imports and exports, and thus affect aggregate ______ in the economy.
a. production b. sales c. supply d. demand
If there is an improvement in technology that affects only Aggregate Supply and a nation's wealth falls due to a sagging stock market, then:
a. Price index rises, and real GDP rises. b. Price index rises, and real GDP falls. c. Price index rises, and the change in real GDP is uncertain. d. Price index falls, and real GDP rises. e. Price index falls, and the change in real GDP is uncertain.