The "ceteris paribus" clause in the law of supply allows which of the following factors to change?
A. the price of an input
B. technology
C. the number of sellers
D. the price of the good supplied
Answer: D
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A society that is producing on its production possibilities frontier is
A) not utilizing all of its resources. B) not being technologically efficient. C) producing too much output. D) fully utilizing all of its productive resources.
The demand curve for the output of an individual firm in monopolistic competition is
a. more elastic than the market demand curve. b. less elastic than the market demand curve. c. equivalent to the market demand curve. d. perfectly elastic.
The value of a country's currency declines when it implements policies that restrict trade. The primary factor affecting the change in value of the currency in this situation is
A. cultural differences. B. civil unrest. C. demographics. D. isolationism.
Table 17.1Refer to Table 17.1. If the price of output is $2 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________.
A. $40; $50 B. $50; $90 C. $80; $100 D. $320; $500