Explain the difference between a "change in quantity supplied" and a "change in supply."
What will be an ideal response?
A 'change in quantity supplied' refers to a movement along the supply curve because of a change in the price of the good itself. A 'change in supply' refers to a shift of the supply curve. Factors that cause the supply curve to shift include a change in technology, factor costs, other goods, taxes and subsidies, expectations, and the number of sellers.
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A monopsony pays a wage rate ________ the marginal cost of labor and ________ the value of marginal product of labor
A) equal to; equal to B) lower than; lower than C) equal to; lower than D) lower than; equal to
In the long-run production function, all of the inputs to the production process are allowed to vary
Indicate whether the statement is true or false
The North American Free Trade Agreement and the European Union are examples of
A) defense treaties. B) regional trade blocs. C) labor agreements designed only for industrialized countries. D) agriculturally based economies.
The difference in values between money today and money in the future is lower when the rate of interest is higher
a. True b. False Indicate whether the statement is true or false