According to the case for analysis (Demand and Supply in the Copper Industry) in the text, all of the following can lead to a decline in the price of copper except:

A) steady production uninterrupted by labor strikes or natural disasters.
B) substitution away from copper to other materials such as aluminum and plastic.
C) an increase in mining of higher grade materials.
D) a surge in demand from foreign importers.


D

Economics

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An externality is the

A. secondary effect on an action B. unintended consequence of an action C. effect of an action on people or things that were not involved in the action D. unknown consequence of an action on people or things who were primary parties in the action

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Which of the following profit functions exhibits a linear production function?

A. ? = P × (3K + 4L) ? 20L ? 35K B. ? = P × (3K0.5 + 4L0.5)1/0.2 ? 20L ? 35K C. ? = P × min(2L, 5K) ? 20L ? 35K D. ? = P × K0.75L0.50 ? 20L ? 35K

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Mary Jo Smith is willing to work for $3,200 per month. She asks the HR manager at Plain Truth Advertising for $4,000 per month. He was willing to pay only $3,700 per month, so he rejects her application and begins to search for a new employee again. This is an example of

A. agency problem. B. bargaining failure. C. value maximization. D. adverse selection.

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