The quantity supplied and price tend to vary
a. inversely.
b. independently.
c. in an unrelated fashion.
d. directly.
d. directly.
You might also like to view...
Monetary costs and opportunity costs are always identical.
Answer the following statement true (T) or false (F)
A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. The marginal revenue product of the second worker is
A. $24. B. $8. C. $9. D. $15.
In the short run, when the Fed raises the federal funds rate,
A) the real interest rate is unchanged so investment and consumption expenditure are not changed. B) the real interest rate temporarily falls, thereby increasing investment and consumption expenditure. C) the real interest rate temporarily increases, thereby decreasing investment and increasing consumption expenditure. D) the real interest rate temporarily increases, thereby decreasing investment and consumption expenditure. E) investment and consumption expenditure increase, thereby raising the real interest rate temporarily.
Wage differentials may result from all the following except:
A. differences in the nonmonetary aspects of various occupations. B. differences in the education and skills of workers. C. geographic and sociological immobilities of workers. D. the tendency of qualified workers to move from lower pay jobs to higher pay jobs.