A product's ______ describes the amount of the product that is supplied for each possible combination of its price and other factors.
A. production function
B. supply curve
C. supply function
D. production possibilities curve
C. supply function
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One way a monopoly can convert additional consumer surplus into economic profit is to
A) lower prices. B) raise prices. C) price discriminate. D) become more competitive. E) produce where price equals average total cost.
The above figure shows the market for hamburger. Which panel shows the effect of a drought in "cattle country"?
A) Figure A B) Figure B C) Figure C D) Figure D
The lower the interest rates
a. the more value individuals place on future dollars b. the less value individuals place on future dollars c. less investments will take place d. does not affect the investment strategy
Which of the following is subtracted from net national product to arrive at national income?
a. net income of foreigners b. depreciation c. indirect business taxes d. transfer payments