The data points on a supply curve come from
A) survey analysis.
B) the same place from which we get the data points on a demand curve.
C) the supply schedule.
D) companies' annual reports.
Answer: C
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Use the table below to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956With the addition of the second unit of input, the marginal product is ________ and the average product is ________.
A. 10; 15 B. 15; 20 C. 25; 10 D. 15; 10
In monopolistically competitive industries
A) non-price competition through product differentiation is actively pursued by firms. B) product variety is the same as in perfectly competitive industries. C) firms do not respond to changes in consumer demand. D) firms' economic profits are protected by barriers to entry.
If the Federal Reserve decreases the rate at which it increases the money supply, then unemployment is higher in
a. the long run and the short run. b. the long run but not the short run. c. the short run but not the long run. d. neither the short run nor the long run.
Suppose that an economy's labor productivity and total worker-hours each grew by 3 percent between year 1 and year 2. We could conclude that this economy's:
A. real GDP remained constant. B. capital stock increased by 3 percent. C. production possibilities curve shifted inward. D. production possibilities curve shifted outward.