Unlimited wants need not be a problem if
A. resources are also unlimited.
B. resources are flexible in what they can do.
C. resources are basic energy resources like oil.
D. resources are human resources such as skilled labor.
A. resources are also unlimited.
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A right-to-work law makes it illegal for
A) employers to refuse to hire union workers. B) union membership to be a requirement for continued employment in any establishment. C) union membership to be denied on the basis of race, gender, or national origin. D) a union to exist in a state.
In perfect competition, an increase in the firm’s fixed costs lead to
A. a drop in the firm’s output. B. an increase in the firm’s output. C. an increase in its total costs. D. a drop in industry output.
On a graph showing the aggregate demand and aggregate supply curves, stagflation can be represented by a:
a. leftward shift of the aggregate supply curve b. rightward shift of the aggregate supply curve. c. upward movement along the aggregate supply curve. d. rightward shift of the aggregate demand curve. e. upward movement along the aggregate demand curve.
When a firm's fixed cost rises, its total profit curve shifts
a. up at every output level. b. down at every output level. c. left at every profit level. d. right at every profit level.