A movement along a demand curve is
A) a change in demand and can be caused by a change in consumers' income.
B) a change in the quantity demanded and is caused by a change in the price of the good.
C) a change in the quantity demanded and can be caused by a change in consumers' income.
D) a change in demand and is caused by a change in the price of the good.
B
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If there are 1,000 identical rice farmers who are each willing to supply 200 bushels of rice at $2 per bushel, what price and quantity combination is a point on the market supply curve for rice?
A) $2 and 200 bushels B) $2 and 200,000 bushels C) $2,000 and 200,000 bushels D) $2,000 and 1,000 bushels E) $2 and 1,000 farmers
If electric utilities continually reduce their emissions of sulfur dioxide
A) the utilities will eventually be forced to go out of business. B) the marginal cost of further emissions will rise. C) the marginal benefit of additional emissions will rise. D) the total benefit of sulfur dioxide emissions will fall.
Suppose a cost function is TC = Aq3 + bq2 + cq + d. Then the average variable cost is
a. Aq2 + bq + cq +d/q b. Aq2 + bq + c c. Aq3 + bq2 + cq d. d
A worker who loses a job at a petroleum refinery because consumers and business firms switch from the use of oil to natural gas is an example of
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. disguised unemployment.