The quantity supplied of a good is the amount that
a. buyers are willing and able to purchase
b. sellers are able to produce.
c. buyers and sellers agree will be brought to market.
d. sellers are willing and able to sell.
c
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Depreciation is defined as the
A) decrease in the stock of capital due to wear and tear. B) increase in the stock of capital due to investment by firms. C) increase in the stock of capital due to wear and tear. D) decrease in the stock of capital due to investment by firms.
A positive nominal interest rate indicates
a. how fast the number of dollars in your savings account is rising over time. b. how fast the purchasing power of your savings account is rising over time. c. the number of dollars in your savings account today. d. the purchasing power in your savings account today.
Which of the following would tend to INCREASE the elasticity of demand for good X?
A. a new product, Y, which can be used in place of X, is introduced. B. the percent of a consumer's income spent on good X declines. C. a new discovery allows firms to produce X at a much lower cost. D. both b and c E. all of the above
The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A) P < MC. B) P < ATC. C) P < AVC. D) P < AFC.