Which of the following would shift the demand curve for new textbooks to the right?
A) A fall in the price of paper used in publishing texts
B) A fall in the price of equivalent used textbooks
C) An increase in the number of students attending college
D) A fall in the price of new textbooks.
C
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A price floor of $23 placed on the market in the graph shown:
A. is binding, and causes a shortage.
B. is non-binding, and does not affect the market.
C. is binding, and causes a surplus.
D. is non-binding, and does not prevent the market from reaching equilibrium.
Suppose a firm's technology is represented by the function Q = F(L, K) = 5L0.25K0.75. Does this firm experience economies of scale, diseconomies of scale or neither?
What will be an ideal response?
In a country's balance of payments, which of the following items will be recorded as a debit entry?
A. Domestic bank balances owned by foreigners are reduced B. Securities are sold by domestic residents to nonresidents C. Foreign bank balances owned by domestic residents are reduced D. Assets owned by domestic residents are sold to nonresidents
The law of increasing opportunity cost implies that
A) producing additional units of one good results in proportionately smaller reductions in output of the other good. B) producing additional units of one good results in increasing amounts of lost output of the other good. C) the production possibilities curve will be a straight line. D) the society will be producing on its production possibilities curve.