The location of the product supply curve depends on the:
A. production technology.
B. number of buyers in the market.
C. tastes of buyers.
D. location of the demand curve.
Answer: A
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Majority rule will produce the outcome most preferred by the median voter, as demonstrated by the
a. Arrow impossibility theorem. b. Condorcet paradox. c. pairwise voting proposition. d. median voter theorem.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A util is a single unit of:
A) the measure of income. B) the measure of savings. C) the measure of satisfaction. D) the measure of expenditure.
Refer to Figure 5-5. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does D1 represent?
A) the demand curve reflecting social benefits B) the demand curve reflecting the sum of private and social benefits C) the demand curve reflecting private benefits D) the demand curve reflecting external benefits