Which of the following events will increase long-run aggregate supply?
A) an increase in the interest rate
B) an increase in resource prices
C) a decrease in expected profit
D) an advance in technology
D
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The figure above shows the market for a good with an external benefit. If the market is competitive and the government takes no action, the equilibrium quantity is ________ units and the equilibrium price is ________ per unit
A) 8; $150 B) 8; $300 C) 10; $250 D) 10; $100 E) 10; $150
Refer to Figure 15-3. Suppose the monopolist represented in the diagram above produces positive output. What is the price charged at the profit-maximizing/loss-minimizing output level?
A) $38 B) $54 C) $68 D) $75
Mark can make 3 tables and 1 chair in a day while John can make 4 tables and 1 chair in a day. Which of the following is true?
A) Mark has a comparative advantage in making tables. B) Mark has an absolute advantage in making tables. C) John has an absolute advantage in making tables. D) John has a comparative advantage in making chairs.
Which of the following would tend to make demand INELASTIC?
a. the amount of time analyzed is quite long b. there are lots of substitutes available c. the product is highly durable d. the proportion of the budget spent on the item is very small e. no one really wants the product at all