If the price of an input decreases, each individual firm?s marginal cost curve shifts ________ and the industry supply curve ________.
A. up; shifts to the left
B. up; does not change
C. downward; shifts to the right
D. downward; shifts to the left
Answer: C
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In economics, the total amount received for selling a good or service is referred to as
A) revenue. B) factor payments. C) profit. D) capital gains.
Inventory changes, a component of GDP, includes those that are planned as well as those that are unplanned
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. Microeconomics is the study of the whole economy, including topics of inflation and economic growth. 2. Causation occurs when two events occur together. 3. The fallacy of composition states that even if something is true for an individual, it is not necessarily true for many individuals combined in a group. 4. In the role of scientist, the economist is concerned about the ethics of human behavior.
Which is correct?
A. Wealth is less equally distributed than income and therefore increases income inequality. B. Wealth is more equally distributed than income and therefore increases income inequality. C. Wealth is less equally distributed than income and therefore decreases income inequality. D. Wealth is more equally distributed than income and therefore decreases income inequality.