Which of the following can cause a change in supply?
A. Changes in demand
B. A technological advance
C. Changes in tastes and preferences
D. Changes in the price of the good or service
B. A technological advance
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If a government policy increases benefits to the unemployed without having a detrimental effect on any other constituent, the policy is
A) a Pareto improvement. B) redistributive. C) regressive. D) a positive externality effect.
To economists, land includes all ______________, or gifts of nature, used in the production process.
a. investment b. natural resources c. input resources d. capital
If economic profits are earned in a competitive market, then over time
A. Normal profit will fall to zero as more firms enter. B. The market supply curve will shift to the left. C. Equilibrium price will rise as more firms enter. D. Additional firms will enter the market.
If ATC > P, then a profit-maximizing, monopolistically competitive firms earns ________ economic profits.
A. negative B. zero C. positive D. either positive or negative