An improvement in the technology for producing a good will shift the supply curve for that good to the left.
Answer the following statement true (T) or false (F)
False
An improvement in the technology for producing a good will lower the cost of production. Suppliers would be willing to supply more at every price, so there will be a shift of the supply curve for that good to the right.
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Refer to Table 14-4. What is the Nash equilibrium in this game?
A) Alistair increases its advertising budget, but Baine does not. B) There is no Nash equilibrium. C) Both Alistair and Baine increase their advertising budgets. D) Baine increases its advertising budget, but Alistair does not.
The law of demand
A) was passed by the 102nd U.S. Congress. B) is a natural law, much like the law of gravity. C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic. D) is considered a "law" in economics in order to force economic models to operate fully.
Suppose Gina gives up a job paying $30,000 a year so that she can start her own pizza business. She takes $100,000 from her savings account (which paid a 6 percent rate of interest) to pay for equipment, materials and labor, and after one year her total revenue is $70,000 . Gina's profit-related income is
a. $70,000 b. $40,000 c. $34,000 d. $30,000 e. $6,000
Loans given to the borrowers are considered liabilities for a commercial bank
a. True b. False Indicate whether the statement is true or false