The supply curve does not:
A. represents producers' willingness and ability to sell.
B. show the minimum price producers will accept for any given quantity.
C. visually display the supply schedule.
D. illustrate how consumers want to purchase goods and services.
D. illustrate how consumers want to purchase goods and services.
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Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. Suppose that the first week of summer, Jenny charged 25 cents for an 8-ounce cup of lemonade, her next-door neighbor Sam charged 50 cents for an 8-ounce cup of lemonade, and Alex across the street charged 15 cents for an 8-ounce cup of lemonade. Assuming the market for lemonade is perfectly competitive, what is most likely to happen?
A. Everyone will start to charge 50 cents to maximize revenue. B. Eventually prices will equalize across all three lemonade stands. C. A price war will break out, and all of the kids will lower their prices. D. Each kid will keep his or her price at the original amount.
The government deficit does NOT place a burden on future generations when
A) taxes are eventually raised to pay interest on the additional debt. B) the borrowed funds are used for productive government investment. C) borrowing from foreigners offsets the deficit, so that private investment is not crowded-out. D) the borrowed funds are transferred to the purchase of nondurable consumer goods.
Which of the following is most likely to cause the productivity of labor to increase?
a. higher money wages. b. an increase in the proportion of the workforce that belongs to a labor union. c. a higher rate of investment in human and nonhuman capital. d. more flexible working hours and improved retirement plans.
The best explanation of a QALY is that it:
a. incorporates quality-of-life improvements and length-of-life extensions into one measure. b. measures life-years saved in a straightforward way. c. measures quality-of-life improvements from an intervention. d. measures quality-of-life improvements from randomized control trial data.