If a product's price increases, then its:
A. MP will increase.
B. MFC will increase.
C. MRP will increase.
D. MP will decrease.
Answer: C
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Property rights need to be secure
A) to promote economic development. B) to encourage environmentalism. C) to promote an equal distribution of income. D) all of these choices.
A cigar factory employs 20 workers and produces 1,000 cigars a day. The company reduces the workforce to 19 workers and produces 912 cigars a day. The 20th worker:
A. had a marginal product of 88 cigars. B. must have had a lower marginal product than the 19th worker. C. caused average product to fall. D. All of these are true.
In an oligopoly, each firm knows that its profits
a. depend only on how much output it produces. b. depend only on how much output its rival firms produce. c. depend on both how much output it produces and how much output its rival firms produce. d. will be zero in the long run because of free entry.
After Hurricane Katrina, the supply curve for oil shifted to the left, and as a result
A. gas prices remained at the equilibrium price. B. there was a corresponding shift of the demand curve. C. a new equilibrium price was reached. D. the equilibrium point moved along the supply curve.