Which of the following will NOT affect the position of the market supply curve for a good?
A) The government grants a subsidy to the producers for each unit of a good that they produce.
B) The price of the good increases.
C) The number of sellers in the market increases.
D) There is an increase in the prices of the inputs used in production.
B
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Which of the following changes aggregate supply and shifts the aggregate supply curve? i. change in the price level ii. change in potential GDP iii. change in the money wage rate
A) i only B) ii only C) iii only D) ii and iii E) i, ii, and iii
Which of following is responsible for investigating fraudulent advertising?
a. Federal Reserve b. Bureau of Standards c. Federal Trade Commission d. Department of Justice.
An oligopoly
a. has a concentration ratio of less than 50 percent. b. is a price taker. c. is a type of imperfectly competitive market. d. has many firms rather than just one firm or a few firms.
Consider the accompanying figure representing the labor market below.
The imposition of a $12 per hour minimum wage causes total economic surplus in this labor market to ________ by ________.
A. rise; $400 B. fall; $1,600 C. rise; $800 D. fall; $800