What is the result of an agricultural support price established above the equilibrium price?
A) The market gravitates toward and remains in equilibrium.
B) There will be excess quantity supplied of the product involved.
C) There will be excess quantity demanded the product in this market.
D) Since the support price is set above the equilibrium price, it will have no impact on the market price.
B
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A firm should hire workers up to the point where
A) MP = P. B) MFC = P. C) MFC = MRP. D) MP = MRP.
A monopolist's cost curves may shift down because
a. large-scale input purchases may permit the monopolist to take quantity discounts. b. of advertising expenditure. c. competitors are pushed out of the market. d. of bureaucratic inefficiencies.
Suppose Japanese real interest rates fall. Typically, we should expect a ____________ shift of the U.S. AD curve with a ___________________ shift in United States real interest rates
A) rightward; larger B) rightward; smaller C) leftward; larger D) leftward; smaller
The labor supply curve shows how many workers are willing to work
A. at any given wage. B. in order to maximize the firm's profit. C. at the minimum wage. D. at any given time. E. in a particular industry.