The general shape of the aggregate supply curve is
a. downward sloping.
b. upward sloping.
c. vertical.
d. horizontal.
b
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________ is the process of putting ideas or thoughts into symbolic form
a. Sourcing b. Encoding c. Decoding d. Sending
As the market price of a service increases, more potential sellers will decide to perform that service because:
A. it's more prestigious to produce high-priced services. B. more potential sellers will find that the market price exceeds their reservation price. C. higher prices result in higher revenue. D. higher prices lead to lower opportunity costs.
Returns to scale is a concept that operates
A) only in the short run. B) only in the long run. C) in both the long run and the short run. D) in either the long run or the short run but never both.
The marginal cost of producing 40 units of a public good is $200. There are two individuals in the society. Person A is willing to pay $80 for 40 units of the public good. If 40 units of the public good are provided, how much must Person B be willing to pay?
A. $0 B. $80 C. $120 D. $150