The table above shows
A) a total product schedule.
B) the market for labor.
C) a production possibility frontier.
D) a supply schedule.
E) a demand for labor schedule.
A
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The development of new technology reduces the cost of producing calculators. In addition, assume that consumers have cut back on their scheduled purchases in anticipation of further cost-saving developments. As a result, we can expect
A. a decrease in price but no predictable change in output. B. a decrease in output but no predictable change in price. C. an increase in output but no predictable change in price. D. a predictable decrease in both output and price.
When the price of a coupon bond increases,
A) the coupon rate declines B) the coupon rate increases C) the current yield declines D) the current yield increases
The discovery of new natural resources will cause
A) the economy to move closer to the production possibilities curve. B) the production possibilities curve to shift up and to the right. C) an upward movement along the curve. D) the curve to shift back and to the left.
Demand will be more inelastic when
a. the time the consumer has to adjust to price changes is short. b. the price of the good is high. c. the number of good substitutes is large. d. the consumption of the good is not very essential.