Factory incentives on cell phones have encouraged consumers to upgrade their phones. How does this affect the market for bluetooth headsets?
A) The demand for bluetooth headsets decreases.
B) The quantity of bluetooth headsets demanded increases.
C) The demand for bluetooth headsets increases.
D) The quantity of bluetooth headsets demanded decreases.
C
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The phrase "a change in demand" most directly implies a
A) movement along a demand curve. B) movement along the price curve. C) change in the quantity demanded of a good. D) shift of the demand curve. E) movement along the quantity curve.
A large number of sellers all selling an identical product implies which of the following?
A) market chaos B) the inability of any seller to change the price of the product C) large losses incurred by all sellers D) horizontal market supply curves E) vertical market supply curves
Due to diminishing marginal returns, the ultimate source of economic growth in the United States from 1949 to 2010 has been
A) capital. B) labor. C) total factor productivity. D) Capital, labor, and total factor productivity are all subject to diminishing marginal returns, and therefore are all equally responsible for economic growth.
State one implication of the principle of division of labor