The buyer side of the market is known as the:
A. income side.
B. seller side.
C. demand side.
D. supply side.
Answer: C
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Under a tradable pollution permits system (cap and trade), government _____________ the amount of pollution, ___________________ what the price to pollute will be.
A. knows; and polluters immediately know B. doesn't know; and polluters don't immediately know C. knows; but polluters don't immediately know D. doesn't know; but polluters immediately know
Which of the following actions is most likely to cause a rightward shift in a production possibilities curve [PPC]?
a. Shifting from the production of one product to the production of another product b. Shifting all resources to the production of one product c. Employing idle resources d. Using fewer resources in production e. Increasing the technological know-how used in production
Menu costs will:
A. Increase the amount of training of workers B. Result in price wars between businesses C. Increase the legal minimum wage D. Make prices inflexible downward
If price is equal to short-run average variable cost, the firm is at the point known as:
a. the break even point. b. the profit maximizing point. c. the shutdown point. d. the revenue maximizing point.