Which of the following observations regarding economic goods is incorrect?
a. They are limited in supply
b. They are desirable.
c. They are solely low-priced essential goods.
d. They are scarce goods created from scarce resources
c
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The figure above shows the market for milk in Cowland. If a subsidy paid to producers of $1 per gallon of milk is introduced, what is the amount, including the subsidy, that suppliers keep per gallon?
A) $3.00 a gallon B) between $3.00 and $4.00 per gallon C) $4.00 a gallon D) between $4.00 and $5.00 per gallon
If people expect the price of automobiles to increase drastically next year, it is likely that the demand curve for this year's automobiles will shift to the right
Indicate whether the statement is true or false
In the short run, a firm operating in a monopolistically competitive market can earn
a. positive economic profits. b. economic losses. c. zero economic profits. d. All of the above are possible.
Labor unions may attempt to raise wage rates by
A. forcing employers, under the threat of a strike, to pay above-equilibrium wage rates. B. increasing the price of complementary resources. C. increasing the supply of labor. D. decreasing the demand for labor.