When the United States cannot produce all of the goods and services desired by its citizens, the economy is
A) in a deep freeze.
B) inefficient.
C) in a shortage state.
D) facing scarcity.
D
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How many units should Harvey's Housewares produce?
a. 1 unit b. 2 units c. 3 units d. Zero units, at these prices, the production should not start
In the short-run macro model, adjustment toward equilibrium is facilitated by price changes
a. True b. False
There is a technological improvement in the production of good X. As a result, the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X
A) supply; rightward; decrease; increase. B) demand; leftward; decrease; decrease C) demand; rightward; increase; increase D) supply; leftward; increase; decrease E) supply; leftward; increase; increase
If there are many employers in a market and each has limited market power, the demand for labor is likely to be characterized as
A. Monopsonistic. B. Oligopolistic. C. Monopolistic. D. Competitive.