If the demand curve is horizontal a rightward shift of the supply curve will lead to
A) an increase in quantity supplied.
B) an increase in price.
C) a decrease in quantity demanded.
D) a decrease in price.
A
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In the case of nonexcludable goods, economists contend that the market ___________ produce these goods because of the ________________________.
A. will; free rider problem B. will not; law of diminishing marginal utility C. will not; law of diminishing marginal returns D. will not; free rider problem.
Minimum wage legislation
a. has little effect on university professors. b. raises incomes of unskilled laborers who have jobs. c. prevents some willing workers from getting jobs. d. All of the above are true.
Which of the following is not a characteristic of a perfectly competitive market?
A. Perfect information. B. High barriers to entry. C. Zero economic profit in the long run. D. Homogeneous products.
A person who has an absolute advantage in the production of all goods will
A) also have a comparative advantage in the production of all goods. B) not be able to gain from specialization and exchange. C) have a production possibilities frontier with a constant slope. D) have a comparative advantage in the production of some goods but not in the production of others.