Suppose a commodity market is initially in equilibrium. An increase in the nation's skilled labor force then lowers the marginal cost of producing each unit of output. Which of the following changes will be observed?
a. The demand curve will shift upward
b. The supply curve will shift downward
c. The demand curve will shift downward
d. The supply curve will shift upward
B
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In economics, all of the following is counted as "capital" except
A) factory buildings. B) warehouses. C) money. D) machine tools.
Latin America
A) is significantly smaller than the NAFTA market in terms of population. B) has a smaller population, but a larger GDP than the NAFTA market. C) has a larger population than the NAFTA market. D) is similar in population to the NAFTA market.
If there are economies of scale throughout the relevant output range of production, which is false? a. It is a natural monopoly
b. It is more efficient to have a single firm produce the good. c. It would typically result from a firm's possession of an exclusive patent. d. One large firm can produce at lower cost than two or more smaller firms.
Assume there are only two goods in the economy, apples and bananas. In 2018, 1,400 apples were sold at $1 each and 8,500 bananas at $0.60 each. In 2019, the price of apples rose to $2 and the quantity rose to 2,400; the price of bananas rose to $0.80 and the quantity sold rose to 9,000. Calculate the CPI (Consumer Price Index) in 2018 using 2018 as the base year and 2018 output as the market basket.
What will be an ideal response?