Assume that a seller in a perfectly competitive market charges more than the equilibrium price. It is likely that this seller will:
A) increase his sales. B) lose only a few buyers.
C) increase his profit. D) lose almost all of his buyers.
D
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Assume that the Fed knows a demand shock has occurred in the economy. It takes the Fed 2 months to adjust policy to the shock, and it takes the economy 14 months for the policy change to affect the economy
The 2 month time period refers to the ________, and the following 14 month time period refers to the ________. A) policy lag; implementation lag B) recognition lag; implementation lag C) implementation lag; impact lag D) policy lag; recognition lag
Which of the following is least likely to be an effect of scarcity?
A) rationing device B) choice C) opportunity cost D) dollar price E) utility
Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. He could also earn $7 an hour working as a bagger at the local grocery. Assuming Eli can only choose between these 2 jobs and that the benefits of each job are the same. Eli's opportunity cost every hour he decides to work at his harvesting job is:
A. exactly $7. B. exactly $8. C. less than $7. D. more than $7.
Non-neutral technological change is more valuable to labor than neutral technological change
Indicate whether the statement is true or false