A(n) ______ is a graphical representation that shows the inverse relationship between price and the quantity a single buyer is willing and able to buy.
a. market supply curve
b. market demand curve
c. individual supply curve
d. individual demand curve
d. individual demand curve
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In a monopolistically competitive industry
A) firms can make an economic profit in the long run because of barriers to entry. B) the firms can never make an economic profit. C) if firms are making an economic profit, new firms enter the industry. D) firms can make an economic profit in the long run because of product differentiation.
Suppose employees pay a bond of $1,000 to an employer. The gain from shirking is $400. Monitoring devices have been installed so that there is a 50% chance of being caught if you are shirking
The company is considering the installation of additional monitoring devices to increase the chance of catching a shirker to 100%. They feel this is needed to deter all shirking. What is your recommendation to the company? Explain.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. In this case, the market supply curve for milk is:
A. kinked at a price of $0.33. B. kinked at a price of $0.50. C. downward sloping. D. an upward sloping straight line.
If the price level in an economy increases, other things constant, consumption spending is likely to _____
a. increase because real income increases b. decrease because real income increases c. increase because the real value of wealth increases d. decrease because the real value of wealth decreases e. increase because nominal income increases