A reduction in regulation will shift the aggregate:
a. supply curve leftward.
b. supply curve rightward.
c. demand curve leftward.
d. demand curve rightward.
b
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Which of the following clearly restricts the competitive market process?
A) Selling below cost B) Selling above cost C) Selling at cost D) Setting a price above marginal cost E) None of the above.
Suppose the monopolist only sold the goods separately. What prices will the monopolist charge for Good 1 to maximize revenues for good 1?
a. $4,500 b. $5,000 c. $1,500 d. $1,000
Recall the Application about Rory McIlroy and weed-whacking to answer the following question(s). The Application assumes that Rory McIlroy could whack down all the weeds on his estate in one hour at an opportunity cost of $1,000, but it would take 20 hours for a gardener to do it at a price of $10 per hour.This Application addresses the economic concept of:
A. the marginal principle. B. diminishing returns. C. specialization and exchange. D. real versus nominal costs.
When the total utility from consuming one good is maximized, marginal utility is
A) maximized. B) minimized. C) zero. D) positive.