Supplier power tends to be low when
a. Suppliers are less concentrated
b. Inputs provided by the supplier are not vital
c. Inputs are homogenous
d. All the above
d
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Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs. B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs. C. an increase in the price of word processing programs leads to an increase in the demand for office workers. D. they perform similar functions.
The substitution effect reflects a movement along a given
A) horizontal line. B) vertical line. C) indifference curve. D) budget line.
Many environmentalists have advocated a substantial increase in the gasoline tax to cut down the federal deficit and to reduce pollution due to auto emissions. Such a tax increase would be devastating to people who commute significant distances to work. In fact, it would provide an incentive to relocate closer to work or change jobs. Economists refer to such effects of taxes as the
a. burden of a tax. b. regressive incidence of a tax. c. incidence of a tax. d. excess burden of a tax.
An increase in expected inflation shifts
a. the long-run Phillips curve right. b. the short-run Phillips curve right. c. neither the short-run nor long-run Phillips curve right. d. both the short-run and long-run Phillips curve right.