A leftward shift of the supply curve will lead to an
A) increase in equilibrium price.
B) excess supply at the old equilibrium price.
C) increase in quantity supplied.
D) All of the above.
A
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The payment received by suppliers of entrepreneurial skills is called interest
Indicate whether the statement is true or false
The length of the short run is the same for all firms
Indicate whether the statement is true or false
The authors provide an example that illustrates the calculation of the present discounted value for the lost wages from a deceased worker, and one component in this calculation is the worker's annual mortality rate (m)
Suppose we conduct this computation in two different ways --- one calculation assumes m is constant for all future periods, and the other calculation allows m to decline over time due to improvements in medical technology. Which estimated PDV will be larger? A) The PDV with constant m will be larger B) The PDV with variable m will be larger C) The two PDV's will be equal D) The answer to this question depends on the assumed interest rate
Net utility is
a. equal to total utility from the quantity acquired of a good minus the utility lost by having to pay for it. b. equal to the sum of the marginal utilities. c. equal to an optimal number easily calculated by the consumer. d. always greater than total utility.