The law of demand illustrates a(n) ____ relationship between price and ____
a. direct; quantity demanded
b. inverse; quantity demanded
c. inverse; demand
d. direct; demand
b
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In the aggregate production function, Y represents real GDP, K represents the capital stock, L represents the quantity of labor, and A represents an index of efficiency. Which of the following equations represents the aggregate production function?
A) Y = (K × L) / A B) Y × A = (K × L) C) Y = AF(K, L) D) Y = (K × L) = A /FY
The manager of Steel Works learns of a new technological interdependency between the first stage and the intermediate stage of production. If Steel Works currently contracts with another firm for the intermediate stage of production, which of the following is true?
A) The manager has less of an incentive to integrate forward. B) The manager has less of an incentive to integrate backward. C) The manager has more of an incentive to integrate backward. D) The manager has more of an incentive to integrate forward.
Classify the following goods into public goods, private goods, club goods, or common resources with suitable reasons
a. Congested roads b. Education provided by a university
In general, with a monopolist's outcome, total surplus is:
A. the same as that of a competitive market. B. higher than that of a competitive market. C. lower than that of a competitive market. D. Any of these is possible.