If the supply of a good is inelastic, _____.
(A) Producers have diminishing marginal returns of labor.
(B) A small increase in price will lead producers to sharply increase their quantity supplied.
(C) Producers will increase their quantity supplied in response to sharp drops in the market price.
(D) Producers will not change their quantity supplied by much even if the market price doubles.
Ans: (D) Producers will not change their quantity supplied by much even if the market price doubles.
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The accountant's cost of producing a bicycle refers to
a. the out-of-pocket payments made to produce the bicycle. b. the value of the goods that were given up to produce the bicycle. c. the bicycle's retail price. d. the marginal cost of the last bicycle produced.
In a graph of short run cost curves, which starts rising first?
A. The average variable cost curve B. The marginal cost curve C. The average fixed cost curve D. The average total cost curve
The demand for labor depends on ________ and ________.
A. the rate of price inflation; the price of the output produced B. the supply of labor; the price of output produced C. the supply of labor; the marginal product of labor D. the marginal product of labor; the price of output produced
From 2001 to 2015, the U.S. economy experienced three recessions.
Answer the following statement true (T) or false (F)