There is a surplus of tomatoes in the market. This implies that:
A. The current price is set above the equilibrium level
B. The price will be rising, as a result
C. Supply of tomatoes is more than the demand
D. Quantity demanded is more than quantity supplied
Answer: A
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Answer the next question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year. YearUnits of OutputPrice per Unit18$22103315441855206If year 2 is the base year, the Consumer Price Index for year 2 is
A. 50. B. 67. C. 150. D. 100.
Define a tit-for-tat strategy
What will be an ideal response?
The value of the marginal product of labor is equal to the change in
a. marginal cost caused by the addition of the last worker. b. total cost caused by the addition of the last worker. c. total revenue caused by the addition of the last worker. d. total profit caused by the addition of the last worker.
The graph above represents a(n):
A. decreasing-cost industry: firms may be paying lower prices for their inputs when the industry expands. B. increasing-cost industry: firms may be paying higher prices for their inputs when the industry expands. C. constant-cost industry: prices of the inputs stay the same, and other production costs are constant as the industry expands. D. competitive, break-even industry: the long-run supply curve is upward sloping as it must be according to the law of supply.