If a change in technology improves the marginal productivity of capital, the
a. supply of capital will increase
b. supply of capital will decrease
c. demand for loanable funds will increase
d. demand for loanable funds will decrease
e. supply of loanable funds will increase
C
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As the price of a good increases, the loss in consumer surplus is larger,
A) the more elastic demand is. B) the more money previously spent on the good. C) the less money previously spent on the good. D) the smaller the price increase.
Analyzing the effect of minimum wage changes on teenage employment across the 48 contiguous U.S. states from 1980 to 2004 is an example of using
A) time series data. B) panel data. C) having a treatment group vs. a control group, since only teenagers receive minimum wages. D) cross-sectional data.
A firm facing a downward-sloping demand curve sells 50 units of output at $10 each. The firm's marginal revenue is
a. $500 b. more than $10 but less than $500 c. $10 d. less than $10 e. zero
A household will buy a good as long as the
A. marginal utility from its consumption is greater than or equal to its market price. B. good's price is greater than the maximum a consumer would be willing to pay for it. C. good's use value is less than the price being charged for the good. D. good still provides the consumer with average utility.