The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises,
A) the demand curve shifts rightward.
B) the demand curve shifts leftward.
C) there is a movement down along the demand curve to a larger quantity demanded.
D) there is a movement up along the demand curve to a smaller quantity demanded.
E) the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.
D
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When a firm has earnings it has not yet paid out to the owners, those earnings are called
A) surplus capital. B) cash reserves. C) unearned income. D) retained earnings.
Variable costs are:
A. costs that depend on the quantity of output produced. B. costs that don't depend on the quantity of output produced. C. one-time costs. D. None of these is true.
According to structural stagnationists, when workers lose their jobs in the tradable sector, they are pressured to:
A. lower their reservation wage. B. keep their reservation wage the same as before their job loss. C. lower their reservation initially, but out of regret, increase it. D. increase their reservation wage.
A patent on a product gives a firm
A. protection from having the invention copied or stolen for a period of 20 years. B. excessive profits in the long run. C. economies of scale in producing the product. D. the power to impose a tariff on a competing product.