Rare earth metals are used to manufacture some important electronic components in popular products like cell phones. These metals are not really rare, but they are expensive to extract from the ground
What happens to the market for the rare earth metals if these extraction costs increase? A) Demand curve shifts leftward
B) Demand curve shifts rightward
C) Supply curve shifts leftward
D) Supply curve shifts rightward
C
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An increase in the number of producers of a good will
a. increase the market supply because the price will rise b. increase the market supply only if market demand increases too c. increase the market supply because market supply is the sum of all individual supply curves d. increase the market supply only if all suppliers have an identical supply curves e. decrease the market supply because firms compete with each other and each firm will supply more
If the government levies a $5 tax per MP3 player on buyers of MP3 players, then the price paid by buyers of MP3 players would likely
a. increase by more than $5. b. increase by exactly $5. c. increase by less than $5. d. decrease.
How do economists refer to the change in a firm’s revenue that results from the addition of another piece of equipment?
a. marginal resource cost b. marginal input benefit c. marginal product cost d. marginal revenue product
The Japanese yen will appreciate against the dollar if
A. U.S. residents demand fewer Japanese goods. B. U.S. residents demand more Japanese goods. C. Japanese residents demand more U.S. goods. D. none of these.