Along the horizontal axis of the production function we typically measure
a. revenue.
b. the marginal product of the input.
c. the quantity of input.
d. the quantity of output.
c
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Describe how a demand-pull inflation can occur
What will be an ideal response?
A price ceiling, such as a rent ceiling
A) always results in a surplus. B) always results in a shortage. C) results in a surplus if the ceiling price is less than the equilibrium price. D) results in a shortage if the ceiling price is less than the equilibrium price.
Which of the following would DECREASE the demand for tennis balls?
A. A decrease in average household income when tennis balls are a normal good B. An increase in the cost of producing tennis balls C. A decrease in the price of tennis rackets D. An increase in the price of tennis balls
Perfect competitors operate at peak efficiency in
A. both the short run and the long run. B. neither the short run nor the long run. C. only the short run. D. only the long run.