A given supply curve illustrates
A) the relationship between price and quantity supplied.
B) the effect of a change in resource costs on quantity supplied.
C) the effect of a change in technology on quantity supplied.
D) the relationship between expected future prices and quantity supplied.
Answer: A
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A perfectly competitive firm cannot practice price discrimination because
A) each consumer in a perfectly competitive market has the same willingness to pay. B) the firm can only charge the market price. C) a firm that breaks even in the long run cannot afford to engage in yield management. D) it does not advertise; this prevents the firm from marketing its product to different segments of the market.
A difference between the classical and new classical models is that
a. classical economists assumed that labor suppliers knew the real wage, while the new classical economists assume they form a rational expectation of the real wage. b. classical economists assumed that the money wage was flexible while the new classical economists assume it was fixed. c. new classical models do not assume perfect competition. d. labor supply in the classical model is a function of the real wage while labor supply depends on the money wage in the new classical model. e. both a and c.
In the above table, how many workers are employed when marginal product reaches its maximum?
A. 1 B. 2 C. 3 D. 4
What do developing countries want regarding agriculture in the Doha Round?
What will be an ideal response?