A market demand schedule for hamburgers would NOT include which of the following?
A. People who eat a cheeseburger every day for lunch
B. The concept of ceteris paribus
C. Vegetarians, who buy no hamburgers
D. The labor market
Answer: D
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Perfectly competitive markets have absolutely no drawbacks.
Answer the following statement true (T) or false (F)
High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $30?
A. 3 B. 2 C. 4 D. 1
Choose the letter of the curve in Figure 1.2 that best represents a production possibilities curve for two goods that obey the law of increasing opportunity costs:
A. A. B. B. C. C. D. D.
Assume the production technology changes for a good that is currently produced in a perfectly competitive market
In particular, the new technology is such that the marginal costs of production for a single firm decline over the entire range of the demand curve for the good in question. How would this affect the number of firms that operate in this market? Explain.