An adverse supply shock would
A) shift the production function up and decrease marginal products at every level of employment.
B) shift the production function down and decrease marginal products at every level of employment.
C) shift the production function down and increase marginal products at every level of employment.
D) shift the production function up and increase marginal products at every level of employment.
B
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Suppose the nation of Alphonia was charged with dumping electric lawnmowers in the nation of Omegalon. The charge of dumping electric lawnmowers in the Omegalon market means that Alphonia was accused of
A) selling faulty electric lawnmowers in Omegalon. B) discarding electric lawnmowers which would not sell in their home country. C) selling electric lawnmowers below cost or below domestic prices. D) selling counterfeit-branded electric lawnmowers in Omegalon.
By 1900, the leading cotton producing state was
a. Georgia. b. Louisiana. c. Texas. d. Mississippi.
What is the effect of the interaction of buyers and sellers on a market?
(A) Association of both supply and demand with income. (B) Agreement on the price and the quantity traded. (C) Theoretical relationship between price and use. (D) Desire for goods that cannot actually be afforded.
Refer to Figure 21-26. Rhonda experiences an increase in her hourly wage. Her optimal choice point moves from A to B. For Rhonda,
a. Leisure is a normal good. b. Her labor supply curve is backward bending. c. Both a and c are correct. d. Her labor supply curve is upward sloping.