An increase in supply involves
A) A shift in the demand curve to the right. B) A shift in the supply curve to the right.
C) Movement along the supply curve. D) None of the above.
Answer: B
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A primary objective of labor unions is to
A) secure equal pay for its members. B) have equal power with their employer. C) seek better pay and improved work conditions. D) all of the above. E) none of the above.
Suppose a professor gives up her teaching job to devote her time to writing textbooks. If the salaries of professors rise, her
a. accounting profit will rise b. accounting profit will fall c. explicit costs will rise d. economic profit from textbooks will fall e. economic profit from textbooks will rise
The ________ curve describes the relationship between tax rates and tax revenue.
Fill in the blank(s) with the appropriate word(s).
If the price of a good increases and the total revenue remains the same, the demand for the good is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.