How does a change in quantity supplied differ from a change in supply?
A. A change in the price affects quantity supplied, not supply.
B. A change in quantity supplied shifts the supply curve; a change in supply is a movement along the curve.
C. A change in one of the ceteris paribus conditions affects quantity supplied, not supply.
D. There is no difference.
Answer: A
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If ‘C' denotes consumption expenditure, ‘I' denotes investment expenditure, ‘G' denotes government expenditure and ‘X' denotes net exports, then C + I + G + X equals:
a. net national product. b. disposable personal income. c. net exports. d. personal income. e. gross domestic product.
In the short run, a monopoly should shut down whenever
a. marginal revenue exceeds marginal cost b. price is less than average total cost c. total revenue is less than total cost d. price exceeds the ratio of marginal cost to average cost at the optimal output e. price is less than average variable cost everywhere
What is the term for taxes that governments place on imported goods for a variety of reasons?
a. barriers b. tariffs c. goods taxes d. import taxes
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $650, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 4 hours B. 1 hour C. 3 hours D. 2 hours