An adverse supply shock would
A. shift the production function up and increase marginal products at every level of employment.
B. shift the production function down and decrease marginal products at every level of employment.
C. shift the production function down and increase marginal products at every level of employment.
D. shift the production function up and decrease marginal products at every level of employment.
Answer: B
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the goods are perfect substitutes consuming more than an optimal amount of at least one good. consuming a positive amount of all goods. spending all income. spending less than full income. the goods are imperfect substitutes consuming a positive amount of one good and zero of the other good.
One part of a perfectly competitive trout farm's supply curve is its
A) marginal cost curve below the shutdown point. B) entire marginal cost curve. C) marginal cost curve above the shutdown point. D) average variable cost curve above the shutdown point. E) marginal revenue curve above the demand curve.
Consensus research concludes that medical technology is responsible for much of the increase in medical care spending over the past several decades.This probably means
a. That better availability means wider use. b. That poorer availability means less use and poorer health outcomes. c. That medical care is increasingly expensive d. All of the above are correct.
Structural unemployment results from a lack of education and training
a. True b. False Indicate whether the statement is true or false