Refer to the accompanying figure, which shows the market for cups of coffee. If all buyers' reservation prices increase by $1.00, then the equilibrium price of coffee would:
A. would not change.
B. increase by less than $1.00.
C. increase by more than $1.00.
D. increase by $1.00.
Answer: B
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If a marginal cost pricing rule is imposed on the firm in the figure above, the price will be
A) $5 per unit. B) $25 per unit. C) $40 per unit. D) $20 per unit.
The output an economy can produce with one unit of capital and one unit of labor is ________
A) indicated by the A variable in the Cobb-Douglas production function B) commonly referred to as labor productivity C) a variable that depends on how many units of capital and labor are available D) all of the above E) none of the above
Over the past century, the growth rate of real GDP in the United States has averaged approximately
a. 1 percent. b. 3 percent. c. 6 percent. d. 10 percent.
Adjusting labor force participation rates for the age of the population suggests that
A. the raw number overstates the increase in the rate among women. B. the raw number understates the increase in the rate among women. C. the raw number correctly states the decrease in the rate among women. D. the labor force participation rate among women is higher than that of men.