A leftward shift of a demand curve is called a(n)
a. increase in demand.
b. decrease in demand.
c. decrease in quantity demanded.
d. increase in quantity demanded.
b
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One reason why a monopolist might be able to provide greater output at lower costs than other market structures is that some monopolists
a. earn exceptional profit which allows them to lower price and costs b. produce high volume output which allows them to capture economies of scale so that their ATCs are lower c. have high market share which allows them to raise price and lower cost at the same time d. exploit their labor force by offering low wage rates so that costs are lower e. do not advertise, thereby reducing costs
Which of the following activities is not counted in our calculations of GDP?
a. the purchase of a hammer for household repairs b. the labor services of a volunteer group building a home for a poor widow c. the purchase of new, domestically-produced tires for your old foreign car d. a haircut received and paid for at a beauty salon
Buying a cup of coffee with a dollar bill represents the use of money as a:
A. medium of exchange. B. unit of account. C. store of value. D. commodity.
Jimbo has a comparative advantage over Ned in producing a good if:
A. Jimbo can produce more of the good than Ned can in a given time period. B. Jimbo has a lower opportunity cost of producing the good than does Ned. C. Jimbo has to trade off more than Ned does to produce the good. D. Jimbo has a higher opportunity cost of producing the good than does Ned.