To derive the market demand curve for a private good, one sums the ________. For a public good, one sums the ________.
A. individual prices at various quantities; individual quantities at various prices
B. individual quantities at various prices; individual quantities at various prices
C. individual prices at various quantities; individual prices at various quantities
D. individual quantities at various prices; individual prices at various quantities
Answer: D
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If 1 - b = WN/PY where W is the nominal wage rate, N is the quantity of labor input, and PY is total income in nominal terms, then labor's share of national income grows if
A) (w - p) > (y - n). B) (w - p) < (y - n). C) (w - n) > (y - p). D) (w - n) < (y - p).
If one day it was discovered that lime juice caused cancer, which of the following would likely result?
A. The demand curve for lime juice would shift to the right. B. The demand curve for lime juice would shift to the left. C. The supply curve for lime juice would shift to the right. D. The supply curve for lime juice would shift to the left.
International capital flows are purchases and sales of financial assets across national borders.
Answer the following statement true (T) or false (F)
On the downward sloping portion of a firm's long-run average cost curve, it is experiencing
A. diseconomies of scale. B. constant returns to scale. C. economies of scale. D. diminishing marginal returns.