A new technological innovation would increase
a. the labor force.
b. labor hours worked.
c. labor productivity.
d. population growth.
c
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The markup pricing technique involves determining the selling price of a good by adding a profit markup to minimum average cost. This would result in maximum profits only if
a. average cost were constant. b. the markup were zero. c. the markup varied with the elasticity of demand. d. demand were inelastic.
At a price above the equilibrium price, there is
A) a shortage. B) a surplus. C) excess demand. D) super-equilibrium. E) none of the above
When production costs fall,
a) the aggregate-demand curve shifts to the right. b) the short-run aggregate-supply curve shifts to the right. c) the short-run aggregate-supply curve shifts to the left. d) the aggregate-demand curve shifts to the left.
Amount of good or service that producers are willing and able to sell at the current price
What will be an ideal response?