An increase in the price of a complement shifts the demand curve to the
a. right
b. left
c. it does not change the demand curve
d. none of the above
b
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The Federal Reserve Board of Governors consists of
a. seven members who serve 6-year terms b. 12 members who serve 14-year terms c. seven members who serve 4-year terms d. 12 members who serve 4-year terms e. seven members who serve 14-year terms
In a monopolistically competitive market,
a. entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal.
b. entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal.
c. free entry ensures that the number of firms in the market is ideal.
d. there may be too few or too many firms in the market, despite free entry.
Economists generally oppose direct regulation because:
A. it is generally unfair. B. it is unlikely to achieve the desired end as efficiently as possible. C. it assumes that people behave rationally. D. it does not assume that people behave rationally.
An increase in the productivity of a factor of production will
A. cause a firm to move down the marginal revenue product curve. B. shift its marginal revenue product curve to the right. C. cause a firm to move up the marginal revenue product curve. D. shift its marginal revenue product curve to the left.