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10 Cards in this Set
- Front
- Back
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Suppose Japan decides to increase its production of cars by 45. What is the opportunity cost of this decision?
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9 airplanes
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A movement downward and to the right along a demand curve is called
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an increase in quantity demanded.
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An increase in the price of oranges would lead to
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a movement up and to the right along the supply curve for oranges.
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If there is a shortage of farm laborers, we would expect
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the wage of farm laborers to increase.
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The difference between slope and elasticity is that
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slope is a ratio of two changes, and elasticity is a ratio of two percentage changes.
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When supply is perfectly elastic, the value of the price elasticity of supply is
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infinity.
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If the minimum wage exceeds the equilibrium wage, then
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the quantity supplied of labor will exceed the quantity demanded.
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Which of the following causes a surplus of a good?
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a binding price floor
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What happens to the consumer surplus if the price rises from $100 to $150?
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The new consumer surplus is 25 percent of the original consumer surplus.
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Producer surplus is
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the amount a seller is paid minus the cost of production.
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