Holding the nonprice determinants of supply constant, a change in price would
a. result in either a decrease in supply or an increase in supply.
b. result in a movement along a stationary supply curve.
c. result in a shift of demand.
d. have no effect on the quantity supplied.
b
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Refer to Scenario 2 . What would be the impact of improvements in technology assuming that each country spends one-half of its resources on capital goods?
What will be an ideal response?
Consider a firm that has just built a plant, which cost $1,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below
Number of Worker Hours Output Marginal Product Fixed Cost Variable Cost Total Cost Marginal Cost Average Variable Cost Average Total Cost 0 0 -- -- -- 50 400 100 900 150 1300 200 1600 250 1800 300 1900 350 1950
In accordance with the law of supply, both individual and market supply curves are drawn:
a. horizontal. b. vertical. c. downward-sloping. d. upward-sloping.
Most economists in the U.S. believe that the price mechanism leads to
A. an efficient allocation of resources. B. an equitable distribution of income. C. both an efficient allocation of resources and an equitable distribution of income. D. neither an efficient allocation of resources nor an equitable distribution of income.