Ceteris paribus, according to the law of supply, if the price of lawn mowing decreases from $50 per lawn to $45 per lawn, then the:
A.) Quantity supplied of lawn mowing will decrease.
B.) Supply curve for lawn mowing will shift to the right.
C.) Quantity supplied of lawn mowing will increase.
D.) Quantity supplied of lawn mowing will stay the same.
A.) Quantity supplied of lawn mowing will decrease.
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Economists argue that:
a. accounting costs consider all types of costs including implicit costs b. there is an opportunity cost associated with all decisions. c. economic decisions do not have opportunity costs but other decisions do. d. economic decisions should consider sunk costs
If the multiplier equals 2 and the AD shortfall is $6 million, the desired fiscal stimulus is
A. $12 million. B. $333,333. C. $6 million. D. $3 million.
The difference between "saving" and "savings" is that
A. saving is undertaken as a precaution against unemployment and savings are undertaken to increase investment spending. B. saving is placed in financial institutions such as banks, while savings are kept at home by people. C. saving is done by households and savings are done by businesses. D. savings are cumulation of past and current saving.
Price floors set a legal minimum price on a product or commodity.
Answer the following statement true (T) or false (F)