Assume consumer demand for CD-ROMs increases. The result is a(n):
a. increase in derived demand for workers in the CD-ROM industry.
b. increase in the marginal revenue product of firms in the CD-ROM industry.
c. rightward shift in the market demand for labor curve in the CD-ROM industry.
d. all of these.
e. none of these.
d
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If there is an increase in government spending, then, ceteris paribus, the IS curve:
A) will shift to the left. B) will shift to the right. C) will not shift at all. D) will shift to the left if there is a corresponding decrease in taxes.
A firm in long-run equilibrium under monopolistic competition will earn
A) zero economic profits because of free entry. B) positive monopoly profits because each sells a differentiated product. C) positive oligopoly profits because each firm sells a differentiated product. D) negative economic profits because it has economies of scale. E) positive economic profit if it engages in international trade.