As long as economic losses are being incurred in an industry, firms will ________ the industry and the supply curve will shift to the ________.
A. enter; right
B. enter; left
C. exit; right
D. exit; left
Answer: D
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The indirect provision of funds by savers to borrowers is accomplished by
a. banks and other financial markets. b. banks and other financial intermediaries. c. stock markets and other financial markets. d. All of the above are correct.
Growing rice requires extensive irrigation in California. Economists consider water to be a ________ for rice farmers in California.
A. need B. inferior good C. luxury D. want
Suppose one Big Mac gives you a marginal utility of 500 and a second Big Mac gives you a marginal utility of 200. The total utility of buying (and eating) two Big Macs is:
A. 200. B. 700. C. 300. D. 500.
Suppose we observe that the demand for eggs increases when people buy more cheese. We can conclude that eggs and cheese are
A. normal goods. B. inferior goods. C. complements. D. substitutes.