In a market economy, the amount of goods and services someone can get depends upon ______.
a. government rules
b. social class
c. income
d. need
c. income
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Jane has noticed that she used to pay $2 for coffee and now she pays $2.50. Which of the following statements is TRUE?
A) The relative price of coffee has increased compared to tea. B) The money price of coffee has increased. C) The law of supply explains why the price of coffee has increased. D) Jane will stop consuming coffee.
If market demand increases and market supply decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. indeterminate; decrease b. indeterminate; increase c. decrease; decrease d. increase; increase
Diminishing returns set in when a firm increases its labor and capital at the same time
Indicate whether the statement is true or false
When a firm experiences a zero economic profit, ______.
a. neither economic nor accounting profits are positive b. economic profits and accounting profits are equivalent c. accounting profits are zero, but economic profits are positive d. economic profits are zero, but accounting profits are positive