Refer to Table 1-1. What is Eva's marginal cost if she decides to stay open for two hours instead of one hour?
A) $12 B) $24 C) $36 D) $71
A
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Suppose a wave of immigration increases the number of workers in research and development without altering the labor input in production. Describe the impact on the level and growth rate of output per worker, immediately, and as time passes
What will be an ideal response?
In general terms describe trends in the inflation rate, considering the period since 1953 . How are these trends related to movements in the inflation rate over this period?
What will be an ideal response?
In 2004 , the pizza market in Charleston, Illinois, was perfectly competitive. But almost overnight, one firm bought up all its competitors to become the monopoly in the Charleston pizza market. As a result,
a. less pizza was produced and price increased b. more pizza was produced and price increased c. less pizza was produced and price decreased d. more pizza was produced and price decreased e. quantity and price remained the same but profit increased
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.