In moving along a supply curve, which of the following is not held constant?
A. The number of firms producing this good.
B. Expectations about the future price of the product.
C. Techniques used in producing this product.
D. The price of the product for which the supply curve is relevant.
Answer: D
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Which of the following is a property of a good economic question?
A) A good economic question should never incorporate elements from disciplines other than economics. B) A good economic question should always have a single solution. C) A good economic question can be answered. D) A good economic question always addresses topics that are important to the whole society and not to an individual economic agent.
The above table shows some cost data for Tracey's Tents. What is the marginal cost of the 3rd tent?
A) $25 B) $20 C) $70 D) $120
A decrease in the marginal factor cost of labor will
A) lead to an decrease in the quantity demanded of labor. B) induce a firm to hire fewer workers. C) induce a firm to hire more workers. D) cause the value of the marginal product of labor to decrease.
Based on the graph showing a reduction in the growth of the money supply, as the economy moves from point D to point F, the trade-off between inflation and unemployment ______.
a. decreases slightly
b. increases slightly
c. holds steady
d. disappears