The structure of a macroeconomic model involves all of the following except
A) the available technology.
B) the behavior of consumers and firms.
C) the preferences of consumers.
D) the available resources.
B
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Suppose biochemists discover an enzyme that can double the amount of ethanol that may be derived from a given amount of biomass. Based on this technological development, we expect the:
A) supply curve for ethanol to shift leftward. B) supply curve for ethanol to shift rightward. C) demand curve for ethanol to shift leftward. D) demand curve for ethanol to shift rightward.
Suppose that a price-discriminating firm divides its market into two segments. If the firm sells its product for a price of $22 in the market segment where demand is relatively less elastic, the price in the market segment whose customers' demand is more elastic will be
a. $22. b. greater than $22. c. less than $22. d. $22 plus average fixed costs