Which of the following would reduce the supply of computers?
a. higher wage rates for the workers that assemble the computers
b. a technological improvement that lowers the cost of producing the computers
c. a reduction in the price of computer chips used to produce the computers
d. All of the above would reduce the supply of computers.
a
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A situation in which a private cost diverges from a social cost is
A) internal costs. B) an externality. C) an internality. D) a transactions cost.
Which of the following statements describes how the economy returns to long-run equilibrium following the inflationary gap?
a. Rising input prices facilitate a shift from SRAS1 to SRAS2.
b. Actual real output increases from RGDPNR to RGDP2.
c. A temporary positive shock shifts LRAS rightward.
d. Rising demand facilitates a shift from AD1 to AD2.
The diamond/water paradox is only true in theory, but no real-world examples have yet to be discovered.
Answer the following statement true (T) or false (F)
In oligopoly, firms
A. are able to influence price only if the oligopolist's products are differentiated. B. by virtue of their size, are able to influence price regardless of whether or not the product is differentiated or standardized. C. are able to influence price only if the oligopolist's products are standardized. D. have no influence over price regardless of whether or not the product is differentiated or standardized.