In the long run,
a. some resources are variable and some resources are fixed.
b. all the resources can be varied.
c. all resources are fixed.
d. at least one resource is fixed.
e. there are no explicit costs.
b
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In Japan in 2000 the price level fell by 5 percent and the money wage rate did not change. As a result, there was a
A) movement down along Japan's short-run aggregate demand curve. B) movement down along Japan's short-run aggregate supply curve. C) rightward shift in Japan's short-run aggregate supply curve. D) movement down along Japan's long-run aggregate supply curve.
When marginal product is less than average product,
a. average product falls. b. average product is zero. c. average product increases. d. average product is unaffected.
The point price elasticity of demand is -1/2. The price of the product increases from $1.00 to $1.10. Given the information in Scenario 4.3, the quantity demanded will decrease by approximately:
A) 5 units. B) 5 percent. C) 10 units. D) 10 percent. E) none of the above
If Stimpson University increases tuition in order to increase its revenue, it will:
a. not be successful if the demand curve slopes downward. b. be successful if demand is elastic. c. be successful if demand is inelastic. d. be successful if supply is elastic. e. be successful if supply is inelastic.