Scarcity reflects our inability to satisfy wants due to:
A. inefficient political systems.
B. limited resources.
C. unemployed workers.
D. unlimited resources.
Answer: B
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The market demand curve in a perfectly competitive market is ________ and the demand curve for a perfectly competitive firm's output is ________
A) downward sloping; downward sloping B) downward sloping; horizontal C) horizontal; downward sloping D) horizontal; horizontal E) downward sloping; upward sloping
In a monopsony labor market, a minimum wage set equal to the competitive market equilibrium wage rate can ________ the wage rate and ________ employment
A) raise; increase B) raise; decrease C) lower; increase D) lower; decrease
Sandy's current consumer surplus for candy is 20. Candy is a normal good for her. When her income increases and the price of candy remains unchanged, her consumer surplus will
A) increase. B) decrease. C) remain the same. D) Not enough information.
Pizza at Home is a frozen pizza company that supplies several large grocery store chains. The managers of Pizza at Home are currently negotiating a four year contract with Saucy Pizza, a manufacturer of pizza sauce. Saucy Pizza will supply a specified quantity of canned tomato sauce to Pizza at Home over a four year period; however; Pizza at Home can ends its contract with Saucy Pizza at the end
of the first, second, or third years if Saucy Pizza does not supply quality tomato sauce. The manager of the Pizza at Home should be most concerned about the quality of the tomato sauce in which year? A) the fourth year B) the third year C) the second year D) the first year