According to the law of supply, producers will
A) change their consumption plans when the price of a good changes.
B) change their supply when the price of a good changes.
C) change their production plans when the price of a good changes.
D) increase their quantity supplied when the price of a good decreases.
E) decrease their quantity supplied when the price of a good increases.
C
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When there are two coefficients, the resulting confidence sets are
A) rectangles. B) ellipses. C) squares. D) trapezoids.
Data Driven Decision Making Kroger Groceries provides store managers flexibility to determine prices for a number of popular items they carry because demand is affected primarily by local conditions that managers are more aware of. To make sure managers
use this discretion wisely, managers are rewarded with bonuses based on quarterly sales. With improvements in data collection and analysis, the "quants" in corporate headquarters can run many small experiments. Doing so allows them to understand nuanced patterns in consumer demand that had been un-noticed previously. How does this affect manager compensation?
Which of the following represents the marginal productivity theory of income distribution?
a. Workers receive wages and benefits equal to their contribution to output. b. Capital owners are rich because they take the most income from output. c. Land owners receive an increased share of income because of property rights. d. Workers, land owners, and capital owners all receive equal shares of income.
Refer to Exhibit 2-5. Given available resources and technology, this economy can produce 50,000 television sets and 40,000 fax machines only if it chooses to produce at point
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