the Figure 4.3 illustrates the demand for tacos. An increase in price of tacos would bring about a movement from:
A. point a to point c.
B. point c to point a.
C. D2 to D0.
D. D0 to D1.
Answer: B
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Briefly explain the behavior of the Federal Reserve considering a balance of payments disequilibria within a fixed exchange rate system
What will be an ideal response?
Suppose the price of cheese rises. In the market for pizza, one would expect that
A) the supply of pizza would increase, and the price would fall. B) the demand for pizza would increase, and the price would increase. C) the demand for pizza would decrease, and price would fall. D) the supply of pizza would decrease, and price would rise.
Natural monopolies are of theoretical, but not practical interest.
Answer the following statement true (T) or false (F)
Jeff owns a garage and has 3 mechanics to help him. With the tools used being fixed in the short run, his production function is given by 5 + 2L = Y , where L is the number of mechanics and Y is the number of cars they can fix. If Jeff hires a fourth mechanic, what will be the marginal product of the new mechanic hired?
a. 11 b. 13 c. 2 d. 7