The _____________of a business's supply curve depends on the nature of its production.
Fill in the blank(s) with the appropriate word(s).
Ans: elasticity
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A perfectly competitive market has demand Q = 100 - P and supply Q = P - 10. An individual firm has MC = 10 + 2Q.
(a) What is the market equilibrium price and quantity? (b) How much output should the individual firm produce? (c) Although it is has been claimed that this market is perfectly competitive, do your answers to parts (a) and (b) suggest differently?
During an economic boom, output exceeds potential output
Indicate whether the statement is true or false
If a buyer enjoys a consumer surplus of $25 when he purchases a good for $50, his willingness to pay for the good is ________
A) $2 B) $25 C) $50 D) $75
Refer to Figure 9-1. Based on the graph of the labor market above, if a minimum wage is set at $5 per hour, which of the following will occur?
A) The level of unemployment will rise, but the percentage of the labor force unemployed will not change. B) The unemployment rate will fall. C) The unemployment rate will rise. D) None of the above will occur.