A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. Suppose that Ana and Leo decide to work together as a team. Can they produce 2 pounds of fudge and 4.5 pounds of toffee each hour?
A. No, this point is not attainable. B. Yes, this point is both attainable and efficient. C. No, this point is not attainable and inefficient. D. Yes, this point is attainable, but inefficient.
A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10, the price of capital is $2, and at A, the marginal products of labor and capital are both equal to 20. Beginning at A, if the producer increases labor by one unit and decreases capital by 1 unit, then
A. output remains constant and cost increases by $8. B. cost remains constant and output increases by 20 units. C. cost remains constant and output decreases by 20 units. D. output remains constant and cost decreases by $8. E. both cost and output remain constant.
If $1 = 1.50 euros, then what is the equivalent euro price of a clock selling for $30 in the United States?
a. 20 euros b. 30 euros c. 45 euros d. 60 euros
In a market system, intermediaries in the exchange process are known as
A) producers. B) consumers. C) middlemen. D) free agents.