Prairieland is restrained by the resources it has to satisfy the various wants of its residents.
Indicate whether the statement is true or false.
Ans: True.
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All else being equal, if the law of supply states that as the price of a good, service, or resource rises
A. the quantity supplied will decrease, which explains the shape of the supply curve. B. the quantity demanded will decrease, which explains the shape of the supply curve. C. the quantity supplied will increase, which explains the shape of the supply curve. D. the quantity demanded will increase, which explains the shape of the supply curve.
Average variable cost is at a minimum at the same amount of output at which
A) average product is at a maximum. B) marginal product is at a maximum. C) average product is at a minimum. D) marginal product is at a minimum.
The September 11 attacks no doubt worsened the slowdown that had already begun earlier in mid-2000
a. True b. False
Refer to the information provided in Table 23.4 below to answer the question(s) that follow.
Table 23.4
Refer to Table 23.4. Assuming society's MPC is constant, at an aggregate income of $1,000 aggregate saving would be
A. $50. B. $150. C. $225. D. $425.