A decrease in demand and an increase in supply are indicated by
a. Upward shifts in both curves
b. Downward shifts in both curves.
c. Rightward shifts in both curves.
d. Leftward shifts in both curves.
b
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Raising total utility is the prime objective of which political philosophy?
a. utilitarianism b. liberalism c. libertarianism d. None of the above is correct.
As the price of a good rises:
A. firms generally decrease the supply of the good. B. government regulation becomes more justified. C. more firms can cover their opportunity cost of producing the good. D. firms generally increase the supply of the good.
An increase in the MRP for each unit of labor
A. means that the marginal physical product of labor rose. B. means that more labor is demanded by the firm. C. means that the demand for the final product has fallen. D. means that labor's productivity has risen.
The tax rates embodied in the federal personal income tax are such that:
A. a rising absolute amount, but a declining proportion, of income is paid in taxes. B. the marginal and average tax rates are equal, making the tax progressive. C. the average tax rate rises more rapidly than does the marginal tax rate. D. the marginal tax rate is higher than the average tax rate, causing the average tax rate to rise.