Most business people calculate marginal cost and marginal revenue to decide how much to produce.
Answer the following statement true (T) or false (F)
False
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Which of the following would likely cause aggregate demand to shift to the left?
A. Decreased income taxes B. Decreased consumer confidence C. Increased government spending D. increase in investors’ confidence.
If a perfectly competitive market is in equilibrium and then market demand increases, which of the following would happen?
a. producer surplus would definitely increase and consumer surplus may increase or decrease b. producer surplus would definitely decrease and consumer surplus may increase or decrease c. consumer surplus would definitely decrease and producer surplus may increase or decrease d. consumer surplus would definitely increase and producer surplus may increase or decrease e. producer and consumer surplus would remain unchanged
Consumers and producers face each other in the many markets of our economy, and in most of these markets,
a. price floors dominate b. price ceilings dominate c. market prices dominate d. government intervention is commonplace e. parity exists between the farm and nonfarm goods
GAAS
What will be an ideal response?