In contrast to the law of supply, sometimes ______ can reduce the quantity supplied.
A. price negotiations
B. an increased price
C. a market supply curve
D. a market demand curve
Answer: B
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What is the maximum a monopolist would be willing to spend on rent-seeking behavior?
What will be an ideal response?
Pollution prevention
a. has nothing in common with industrial ecology b. emphasizes the household sector c. suggests source reduction and toxic chemical use substitution as preventive goals for industry d. none of the above
If real GDP per person in a country equals $20,000 and 40 percent of the population is employed, then average labor productivity equals:
A. $8,000. B. $40,000. C. $20,000. D. $50,000.
If demand is inelastic and price is lowered, total revenue will
A. rise. B. fall. C. stay the same. D. possibly rise or possibly fall.