An advance in technology results in:
a. suppliers offering a larger quantity than before at each given price.
b. suppliers offering the same quantity as before at a lower price.
c. a rightward shift of the supply curve.
d. an increase in supply.
e. all of these.
e
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The largest percentage of federal income tax revenue in the United States is paid by the
A) middle income taxpayers. B) highest income taxpayers. C) lowest income taxpayers. D) All groups of taxpayers—low income, high income and middle income—pay the same percent of federal income taxes.
Julie works at a local hat factory for $12 an hour and typically works 40 hours a week. The company threatens layoffs, so Julie and the others agree to a pay cut. Julie now earns $10 an hour and works every hour over 40 that her boss will let her. Julie's response to this pay cut was to work:
A. more, demonstrating a dominant income effect. B. more, demonstrating a dominant price effect. C. less, demonstrating a dominant income effect. D. less, demonstrating a dominant price effect.
Giffen goods have positively-sloped demand curves because they are
a. inferior goods with no substitution effect. b. normal goods with no substitution effect. c. inferior goods for which the substitution effect outweighs the income effect. d. inferior goods for which the income effect outweighs the substitution effect.
A firm can price its items at the same price as competitors, or try to sell its products at a price higher than its competitors. To sell at a price higher than the competition, a firm would need to: Select one:
a. enhance features or otherwise differentiate its product and justify the higher price. b. reduce the production costs so the profit margin would be higher. c. make sure its price end in a ".99.". d. be willing to lose money on that product line.