When an economics student draws a supply and demand diagram to model an increase in the income, she is assuming this change happens
A. ceteris paribus.
B. ipso facto.
C. semper fidelis.
D. de facto.
Answer: A
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If the money wage rate increases, the short-run aggregate supply curve shifts rightward
Indicate whether the statement is true or false
What is the "most efficient capacity" for the perfectly competitive firm?
A) The plant size at which LRAC is at its minimum. B) The plant size at which any of the SRATC curves are tangent to the LRAC curve. C) The plant size at which MR = MC. D) The plant size for which Price = AR.
A production possibilities frontier that is bowed-inward implies
A) economies of scale. B) diseconomies of scope. C) economies of scope. D) no economies of scope.
When a cartel breaks down and its members start cheating, the behavior in the industry becomes a
A) noncooperative game. B) zero-sum game. C) high stakes game. D) positive sum game.ax