In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful
a. land and labor; capital
b. capital and labor; land
c. land and capital; labor
d. unskilled labor; skilled labor
b. capital and labor; land
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Which of the following factors will lead to a decrease in the current supply of a good?
A. A technological advance that decreases production costs B. A fall in the current price of a good or service C. A decrease in the price of inputs to the production process D. A belief that the price of a good or service will go up in the future
The long run is often referred to as the
A) planning horizon. B) market horizon C) period of time where there is at least one fixed input. D) none of these choices.
Suppose a consumer is willing to pay $20 for one unit of good X, $10 for a second, and $5 for a third, and the market price is $4. The consumer surplus is:
A. $16. B. $6. C. $1. D. $23.
In order to derive a market demand curve from individuals' demand curves, we add up the:
A. Various individuals' quantities demanded at each price level B. Various prices that each buyer is willing and able to pay C. Incomes of all buyers, assuming that their tastes remain constant D. Total number of buyers in the market at each time period