Physical capital differs from raw materials in the sense that raw materials
a. have a longer useful life in production
b. are considered human capital
c. cannot be used to produce goods and services
d. are used up in production
e. are not a resource used in production
D
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Use the figure below to answer the following question.
The diagram shows three supply curves for apples today. Which of the following would cause the current supply of apples to shift from S1 to S3?
A. an increase in the number of corn farmers B. expectations of lower apple prices in the future C. a decrease in the price of apples in the market D. expectations of higher apple prices in the future
The theory of monopolistic competition predicts that in long-run equilibrium a monopolistically competitive firm will:
a. produce the output level at which price equals long-run marginal cost. b. operate at minimum long-run average cost. c. overutilize its insufficient capacity. d. produce the output level at which price equals long-run average cost.
A decrease in the excess reserves banks want to hold, together with people depositing currency into their demand deposit accounts, would: a. increase the money supply
b. decrease the money supply. c. leave the money supply unchanged. d. have an indeterminate effect on the money supply.
If a firm enjoys a revenue of $500 from two units of output and $600 from three units of output, then its marginal revenue must be rising
a. True b. False