An increase in technology will cause a marginal revenue product of labor curve to
A. shift to the right.
B. become more inelastic.
C. be unaffected because the productivity of labor has not changed.
D. shift to the left.
Answer: A
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If penalties for trading illegal drugs are instituted on both buyers and sellers, the
A) quantity might increase or decrease but the price will rise. B) price might rise or fall, but the quantity will decrease. C) price and the quantity will both decrease. D) price and the quantity will both increase.
Determining the price of mobile phones is a concern of:
A. macroeconomics. B. microeconomics. C. both macroeconomics and microeconomics. D. neither macroeconomics nor microeconomics.
Suppose the money multiplier is 5. If banks hold excess reserves, the required reserve ratio must:
A. equal 0.20. B. be less than 0.10. C. be greater than 0.20. D. be less than 0.20.
Total profit
A. is the rectangle bounded by EFIJ.
B. is the rectangle bounded by FGHI.
C. is the rectangle bounded by GHMO.
D. cannot be found on this graph.