Cost-push inflation is due to:
a. energy cost increases.
b. labor cost increases.
c. raw material cost increases.
d. All of the answers are correct.
d
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Use the figure below to answer the following question.
An increase in price, all else held constant, would cause a change from
A. point 4 to point 5. B. point 1 to point 3. C. point 3 to point 4. D. point 5 to point 1.
The motivating force behind an increase in supply in a long-run adjustment to equilibrium is
a. lower prices b. economic profits that are present in the short run c. higher profit expectations among owners of firms in the industry, triggered by increased prices d. normal profits witnessed by individuals outside the industry that trigger entry e. the decreases in average cost that can be obtained through economies of scale
Goodspeed Automobiles manufactures 100 disc brake cylinders. At this output level, its marginal revenue is equal to its marginal cost. If the revenue per unit of output is $500 and the per unit cost is $350, its profit is:
a. $20,000. b. $15,000. c. $45,000. d. $25,000. e. $10,000.
If the demand curve for economics textbooks shifts to the left, then the value of the marginal product of labor for economics textbook authors will
a. rise. b. fall. c. remain unchanged. d. rise or fall; either is possible.