A firm experiencing constant economies of scale will have a long-run average cost curve that is:
a. upward sloping
b. vertical
c. downward sloping
d. horizontal
d
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If the Fed wishes to increase nominal interest rates, it must engage in an open market ________ of bonds that ________ the money supply.
A. sale; does not change B. sale; increases C. sale; decreases D. purchase; increases
Answer the following statements true (T) or false (F)
1. The highest unemployment rate in the United States in recent years has been among adult females. 2. Part-time workers who want full-time employment but cannot find it are considered underemployed. 3. Increases in the federal minimum wage directly affects only a small percentage of U.S. workers. 4. Because of increases in the minimum wage, new entrants into the labor force find it easier to find employment. 5. Many economists believe that increases in the minimum wage tend to create a labor surplus.
George is a kitchen designer at Home Depot. What might cause George's supply curve of labor to shift to the left?
a. Kitchen prices decrease due to a decrease in the cost of lumber. b. George wins the lottery. c. The wage rate George gets increases. d. The wage rate George gets decreases. e. George's MRP increases after he takes computer classes.
What is the equilibrium price and quantity of CFC-11 after the excise tax?
Consider the following market for CFC-11, a known ozone-depleting substance: Demand: Q= 20 – 1.5P Supply: Q= 5+0.5P whereP is price per pound. Assume the governmental authority imposes a $5 per pound excise tax on CFC-11, which shifts the supply function to Q’ = 2.5 +0.5P.Use this information for any or all of the next three questions below. a. P = $8.75; Q = 6.875 c. P = 6.875; Q = 8.75 b. P = $7.5; Q = 8.75 d. none of the above