One solution to long-run structural problems could involve:
A. moving along the domestic supply curve.
B. shifting the domestic supply curve up.
C. shifting the world supply curve up.
D. shifting the world supply curve down.
Answer: C
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Moving up (to the left) along a linear demand curve, the price elasticity of demand
A) decreases. B) does not change. C) increases. D) at first increases and then decreases.
If price is less than its minimum average variable cost, a perfectly competitive firm that continues to produce in the short run
a. cannot cover any of its variable cost b. incurs a loss greater than its fixed cost c. can cover all of its fixed cost and some of its variable cost d. can cover all of its variable cost and some of its fixed cost e. can cover both its fixed costs and its variable cost
If the wage rate doesn't change but a profit-maximizing competitive firm hires fewer workers, we know that
A. demand for the product fell or there has been a reduction in labor productivity. B. marginal factor cost increased. C. the price of the product increased. D. technical change occurred that increased labor productivity, reducing the firm's demand for labor.
In order to create an index for consumer prices, the BLS chose
A. 1 to represent the average 1982-1984 price level. B. 100 to represent the average 1982-1984 price level. C. 1 to represent the average 1952-1954 price level. D. 100 to represent the average 1952-1954 price level.