A decrease in the price of eggs, all other things unchanged, will result in a(n):
A) increase in the demand for eggs.
B) increase in the supply of eggs.
C) greater quantity of eggs supplied.
D) greater quantity of eggs demanded.
Ans: D) greater quantity of eggs demanded.
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In the above figure, a minimum wage of ________ would result in employment of ________
A) W2; L1 B) W2; L2 C) W1; L1 D) W1; L2
A firm's total profit can be calculated as all of the following except
A) total revenue minus total cost. B) (price minus average total cost) times quantity sold. C) average profit per unit times quantity sold. D) marginal profit times quantity sold.
Groups of nations that grants members trade privileges are called
A) local trade protectionists. B) trade settlements. C) regional trade blocs. D) allies.
Rational choice by an individual implies
a. the use of some mathematical model when solving a problem b. making decisions aimed at achieving some predetermined goal c. that only monetary costs and benefits are weighed d. that an individual will never regret any action taken e. that scarcity can be eliminated for that individual