Which of the following statements is consistent with the law of supply?
a. An increase in the quantity supplied of buns will result in a decrease in the price of buns.
b. An increase in the quantity supplied of buns will result in an increase in the price of buns.
c. An increase in the price of buns will result in a decrease in the quantity supplied of buns.
d. An increase in the price of buns will result in an increase in the quantity supplied of buns.
d
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If a firm's marginal revenue is below its marginal cost, an increase in production will usually:
a. increase profits. b. leave profits unchanged. c. decrease profits. d. increase marginal revenue.
Refer to the given data. The firm is hiring labor:
Use the labor demand data on the left and the labor supply data on the right in answering the following question:
A. at a wage rate that exceeds labor's MRP.
B. under purely competitive conditions.
C. in an imperfectly competitive market.
D. as a monopsonist.
The marginal revenue product of land curve indicates
a. the additional output generated by an additional unit of land, other things constant b. the additional cost to the firm when it employs an additional unit of land, other things constant c. the additional profit the firm earns when it employs an additional unit of land, other things constant d. the additional revenue the firm earns when it employs an additional unit of land, other things constant e. the amount of land required to produce an additional unit of output, other things constant
Table 17.1 YearReal GDPPopulation1$575 billion22 million2$580 billion24 million3$605 billion25 million4$606 billion27 millionRefer to Table 17.1. The growth rate of the economy from year 2 to year 3 was
A. 4.0 percent. B. 4.2 percent. C. 4.1 percent. D. 4.3 percent.