Which of the following events would cause a movement downward and to the left along the supply curve for mangos?
a. The number of sellers of mangos decreases.
b. There is an advance in technology that reduces the cost of producing mangos.
c. The price of mangos falls.
d. The price of fertilizer increases, and fertilizer is an input in the production of mangos.
c
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The purpose of establishing the Federal Reserve System was
A. to regulate commercial banking. B. to provide for a more elastic currency. C. to increase the confidence in the nation's banks. D. All of the choices are correct.
Fernando charges the restaurant Flaming Fernando's $1,000 annually for use of his name. If Fernando increases the fee for use of his name
A) the restaurant's average fixed cost, average variable cost, average total cost, and marginal cost curves all shift upward. B) the restaurant's average fixed cost, average total cost, and marginal cost curves shift upward. C) the restaurant's average variable cost, average total cost, and marginal cost curves shift upward. D) the restaurant's average fixed cost and average total cost curves shift upward.
The change in consumption divided by a change in disposable income is defined as:
a. the marginal propensity to consume. b. autonomous consumption. c. the consumption function. d. Keynes' absolute disposable income hypothesis. e. transitory consumption.
The figure above shows the demand and cost curves facing a price-setting firm. The profit-maximizing (or loss-minimizing) level of output is
A. 100 B. 200 C. 300 D. 400 E. 450