Refer to the graph shown. A decrease in production costs is likely to cause a movement from:
A. B to D.
B. B to A.
C. C to A.
D. C to D.
Answer: B
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Households are buyers in factor markets and sellers in goods markets
Indicate whether the statement is true or false
Which of following is responsible for investigating fraudulent advertising?
a. Federal Reserve b. Bureau of Standards c. Federal Trade Commission d. Department of Justice.
Workers whose skills become obsolete as a result of technological change are often paid a lower wage as a result of
a. natural ability. b. geographic location of employment. c. chance. d. work effort.
Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be:
A. greater than $6. B. less than $4. C. greater than $4. D. $4.