A fall in the price of the final product produced by a firm will cause
A) a decline in the price of an input used to produce the good.
B) a movement down the demand curve for an input used to produce the final product.
C) a reduction in demand for an input used to produce the final product.
D) a reduction in the supply of an input used to produce the final product.
Answer: C
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If we compare income mobility in absolute terms, we would measure whether a person's income:
A. is higher than her parents' income. B. places her higher up in the income distribution than her parents' income. C. is higher at the end of her career compared to the beginning. D. places her higher up in the income distribution over the course of her work-life.
Which of the following is most likely to cause an increase in demand for land?
a. A large study confirms that citrus fruits have anticancer properties. b. A social media celebrity popularizes outdoor meditation rituals. c. College graduates typically buy their first home in their early thirties. d. The national park saw an increase in overnight visitors this season.
If money wages increase, the most likely result is a(n)
A. increase in aggregate supply. B. decrease in aggregate supply. C. steeper aggregate supply curve. D. flatter aggregate supply curve.
Exhibit 11-13 A monopsonist's supply and marginal revenue product data Workers Wage Rate MRP 1 $ 8 $50 2 9 25 3 10 20 4 11 17 5 12 16 6 13 13 In Exhibit 11-13, how many workers will the monopsonist hire?
A. 4. B. 5. C. 3. D. 6.