When the quantity demanded and quantity supplied in a market are equal, the market is said to be in
a. excess demand.
b. equilibrium.
c. excess supply.
d. fixation.
b. equilibrium.
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A tax cut that increases the budget deficit results in ________ in the ________ loanable funds
A) an increase; supply of B) a decrease; supply of C) an increase; demand for D) a decrease; demand for E) no change; either the demand for or the supply of
Average total cost is equal to
A. The sum of average variable cost and marginal cost. B. Total cost divided by quantity produced. C. Total cost divided by fixed cost. D. Total cost multiplied by quantity.
What is the marginal product of the third hour of? labor?
The following is a hypothetical short-run production function:
Hours of Total Marginal
Labor Output Product
0 ___ ___
1 100 100
2 ___ 80
3 240 ___
A. 60
B. 80
C. 100
D. 240
To conduct a general equilibrium analysis of a change in consumer preferences away from beef and toward chicken, you must consider
A. changes in the price of resources allocated to the production of beef and chicken. B. changes in the amount of resources allocated to the production of beef and chicken. C. changes in the equilibrium prices and quantities of beef and chicken. D. all of the above