Which of the following is a long-run adjustment?
a. A new economics professor is hired on campus.
b. General Motors increases its orders for steel.
c. Microsoft cuts back its hiring of new graduates.
d. Glow Electric disassembles one of its nuclear power plants.
e. Texaco buys more crude oil to refine into gasoline.
D
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If we take the production function and hold the level of output constant, allowing the amounts of capital and labor to vary, the curve that is traced out is called:
A) the total product. B) an isoquant. C) the average product. D) the marginal product. E) none of the above
If Billy's reservation price on a snowboard is $250, how many snowboards would he buy if the market price of snowboards is $500?
A. 0 B. 1 C. 2 D. The amount of snowboards purchased would depend on Billy's income.
When people hold money to transact purchases they expect to make, this is known as the:
a. precautionary demand for money. b. liquidity demand for money. c. spending demand for money. d. speculative demand for money. e. transactions demand for money.
Consumer surplus
a. is represented on a supply-demand graph by the area below the price and above the demand curve. b. measures the benefit buyers receive from participating in a market. c. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it. d. measures the benefit sellers receive from participating in a market.