An increase in the number of hours worked would
A. shift the production function upward.
B. shift the production function downward.
C. shift the production function outward.
D. not shift the production function.
Answer: D
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A rise in the price of good A shifts the ________ good B rightward if the cross elasticity of demand between A and B is ________
A) demand curve for; negative B) demand curve for; positive C) supply curve of; negative D) supply curve of; positive
Explain why a firm can earn more profit by price discrimination than from setting a uniform price
What will be an ideal response?
The GDP measures the value of
a. final goods and services. b. intermediate goods only. c. final goods only. d. services only.
Which of the following is the best example of a perfectly competitive market?
a. automobiles b. postal service c. disk operating system software d. milk e. breakfast cereals