Which of the following causes a movement along a supply curve?
A. a change in technology
B. a change in resource costs
C. a change in the price
D. all of these
Answer: C
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The market demand curve is
a. any individual's demand curve multiplied by the number of consumers in the market b. the relationship between income and quantity demanded c. the horizontal sum of the individual demand curves for all consumers in the market d. the vertical summation of all individual demand curves e. the sum of prices paid at each quantity demanded
With regard to the IMF, "mission creep" means that
A) the IMF was making loans to nonmember countries. B) the IMF had expanded its lending to an inappropriate level. C) the IMF had taken on extended responsibilities that it should be authorized to perform. D) the IMF had taken on responsibilities for which it was not suited.
A firm that wants to maximize profits should hire each input to the point where
A. its marginal product divided by the price of the input equals the product price. B. its marginal revenue product divided by the price of the input equals one. C. its marginal revenue product divided by its marginal product equals the wage. D. its marginal revenue product divided by the product price equals one.
A price above equilibrium always yields a surplus.
Answer the following statement true (T) or false (F)