As resources move from low-valued uses in a resource market to highly-valued uses in another resource market, the price paid to the resource in the highly-valued market will
a. not be affected, if the change is temporary
b. increase, if the change is temporary
c. remain the same
d. decrease
e. increase, if the change is permanent
D
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Which of the following statements correctly describes the curves in the figure?
A) Curve A could represent either the average product curve or the marginal product curve. Curve B represents the total product curve. B) Curve B could represent either the average product curve or the marginal product curve. Curve A represents the total product curve. C) The marginal product of labor curve is represented by curve B and the average product of labor curve is represented by curve A. D) The marginal product of labor curve is represented by curve A and the average product of labor curve is represented by curve B.
In conducting their research, economists often substitute historical events and historical episodes for
a. theories and observations. b. laboratory experiments. c. models. d. assumptions.
Each of the following companies lost major cases heard by the Supreme Court except
A. ALCOA. B. DuPont. C. the Standard Oil Trust. D. the American Tobacco Trust.
What are the four main ways in which the CPI is an upward-biased measure of the price level?
What will be an ideal response?