Assume that a worker in a technology firm can produce 3 circuit boards in an hour. Due to subsequent innovation, he is now able to produce 6 circuit boards per hour. Other things remaining the same, the firm's supply curve is likely to:
A) shift to the left.
B) shift to the right.
C) become steeper.
D) remain unchanged.
B
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Suppose the equilibrium price of movie tickets is $10. If the supply curve for movies shifts ________, the equilibrium price will ________
A) rightward; decrease B) leftward; decrease C) rightward; increase D) leftward; not change E) rightward; not change
A demand curve with unit elasticity can never touch either the vertical or horizontal axes.
Answer the following statement true (T) or false (F)
Suppose there is an increase in government spending. To stabilize output, the Federal Reserve would
a. increase government spending. b. increase the money supply. c. decrease government spending. d. decrease the money supply.
If Dylan saves $50 per week, then Dylan's ________ will increase by $50 per week.
A. consumption B. taxes C. wealth D. investment