A more efficient means of processing tree bark to produce an anticancer drug is discovered. As a result, the supply curve for the drug will:
a. shift to the right, increasing the price of the drug.
b. shift to the left, increasing the price of the drug.
c. shift to the right, decreasing the price of the drug.
d. shift to the left, decreasing the price of the drug.
c
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An increase in labor productivity shifts the labor ________ curve ________
A) demand; rightward B) demand; leftward C) supply; rightward D) supply; leftward
Break-even analysis usually assumes all of the following except:
a. in the short run, there is no distinction between variable and fixed costs. b. revenue and cost curves are straight-lines throughout the analysis. c. there appears to be perfect competition since the price is considered to remain the same regardless of quantity. d. the straight-line cost curve implies that marginal cost is constant. e. both c and d
According to the IGM poll, what percentage of economists polled agreed that the benefits of ARRA exceeded the costs?
a. 75% b. 19% c. 6% d. 97%
As the wage rate rises to extremely high levels, the ____________ becomes stronger than the ____________.
A. income effect; substitution effect B. substitution effect; income effect C. marginal revenue product; resource demand D. None of these choices are correct.