Refer to the graph shown. Given the long-run average cost curve, the minimum efficient scale of production is:
A. 23.
B. 16.
C. 21.
D. 18 to 21.
Answer: D
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The higher wage rate received by garbage collectors to compensate for the lower desirability of their job
a. would not exist in a competitive labor market b. is a compensating wage differential c. is caused by union negotiators d. disappears in the long run e. only applies when the garbage collecting market is an oligopoly
Which determinant shifts supply?
a. income b. prices of related goods c. technology d. tastes and preferences
Suppose that you took out a $1000 loan in January and had to pay $75 in annual interest. During the year, inflation was 6 percent. Which of the following statements is CORRECT?
What will be an ideal response?
If the exchange rate falls, the quantity of dollars supplied
A) increases, and there is movement up along the supply curve of dollars. B) increases, and there is movement down along the supply curve of dollars. C) decreases, and there is movement up along the supply curve of dollars. D) does not change. E) decreases, and there is movement down along the supply curve of dollars.