Which of the following is a non-price determinant of supply?
A. technological advances in production
B. the number of consumers
C. consumers' incomes
D. the price of related goods consumers may buy
Answer: A
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Explain what would happen to the equilibrium price and quantity of gasoline if the supply of gasoline decreased while the demand for gasoline also decreased
What will be an ideal response?
Government regulators know that pollution is a problem in Cleveland. However, information on the social cost of this externality is difficult to come by
Which of the following statements best describes how this information problem might manifest itself? a. Well-intentioned regulators monitor a handful of polluting factors and are unable to determine how much they contribute to the problem. b. Well-intentioned regulators decide to shut down the plants and start government production in state-of-the-art factories. c. Well-intentioned regulators impose a collective tax that ends up reducing output beyond the optimal level of output. d. Well-intentioned regulators fail to do anything because they are afraid of doing the wrong thing.
Profit-maximizing, competitive firms will not discriminate in the hiring of workers unless consumers exercise a preference for discrimination in product markets or governments mandate discrimination
a. True b. False Indicate whether the statement is true or false
In an inflationary expenditure gap, the equilibrium level of real GDP is
A. equal to full-employment real GDP. B. greater than full-employment real GDP. C. greater than planned investment. D. less than full-employment real GDP.