Regarding the law of supply, which of the following statements is correct?
A) As the price of a good or service rises, the quantity supplied will increase.
B) As the price of a good or service rises, the quantity supplied will decrease.
C) The ceteris paribus assumption does not apply.
D) As demand falls, supply rises.
A
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Suppose a firm is making zero long run profit. Then it's short run profit cannot be negative.
Answer the following statement true (T) or false (F)
Refer to Figure 15-4. In the figure above, a movement from point A to point B would be caused by
A) an increase in the interest rate. B) a decrease in the price level. C) a decrease in real GDP. D) an increase in the price level.
If a worker was miscategorized as structurally unemployed when he was really frictionally unemployed, that would not change the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Define the following terms and explain their importance to the study of economics
a. principle of marginal productivity b. marginal physical product c. marginal revenue product d. derived demand e. economic rent