The U.S. federal government spent more than $4 trillion in 2018, which implies that there were no opportunity costs faced by the United States.
Answer the following statement true (T) or false (F)
False
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Usually the demand for labor decreases (that is, the demand for labor curve shifts leftward) if the
A) wage rate increases. B) wage rate decreases. C) price of the firm's output rises. D) prices of other factors fall.
The table below shows the demand and cost data facing "Velvet Touches," a monopolistically competitive producer of velvet throw pillows
Quantity Price Total Revenue Marginal Revenue Total Cost Marginal Cost 1 $30 $32 2 28 43 3 26 53 4 24 64 5 22 76 6 20 90 7 18 106 8 16 126 Use the data to answer the following questions. a. Complete the Total Revenue (TR), Marginal Revenue (MR), and Marginal Cost (MC) columns above. b. What are the profit-maximizing price and quantity for Velvet Touches? c. Is the firm making a profit or a loss? How much is the profit or loss? Show your work. d. Is this firm operating in the long run or in the short run? Explain your answer. e. If the firm's profit or loss is typical of all firms in the market for throw pillows, what is likely to happen in the future? Will there be more firms or will some existing firms leave the industry? Explain your answer. f. What will happen to the typical firm's profit or loss after all entry/exit adjustments?
The impact of Hurricane Katrina on consumers in the economy was to make them very pessimistic about their future incomes. How does this increased pessimism affect the aggregate demand curve?
A) This will move the economy down along a stationary aggregate demand curve. B) This will shift the aggregate demand curve to the left. C) This will shift the aggregate demand curve to the right. D) This will move the economy up along a stationary aggregate demand curve.
Microeconomics is the study of
a. marginal or inferior products b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services e. government's role as a producer in the economy