The market demand for school supplies is more elastic at the beginning of the semester than it is at the start of summer vacation.
Answer the following statement true (T) or false (F)
False
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Which of the following explains why higher prices in the goods and services market will lead to an upward sloping short-run aggregate supply curve?
a. The higher prices will temporarily improve profit margins because many of the cost components of firms will be fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.
Cartels are difficult to maintain because a. the monopoly output is very difficult to determine
b. the number of firms is always large. c. costs to the firms in a cartel are continually rising. d. each firm has an incentive to deviate from its agreed output level.
At what price level would RGDP demanded be $19 trillion?
a. 50
b. 60
c. 70
d. 80
?Hair Pins /hourBandanas /hourNigel410Mia93
Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 18.3. Nigel's opportunity cost of producing one bandana is:
A. 1/4 of a hair pin. B. 2/5 of a hair pin. C. 2.5 hair pins. D. 4 hair pins.