Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows a decrease in the price of capital while the price of labor remains unchanged?

A) the movement from BF to AF B) the movement from BF to BD
C) the movement from AF to BF D) the movement from BF to CE

A

Economics

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Assume that an economy is in equilibrium when technological progress causes an increase in total factor productivity

Once the economy has adjusted to its new equilibrium, and assuming that the supplies of capital and labor remain unchanged, which of the following has increased? A) the real wage B) the share of capital income in national income C) the share of labor income in national income D) all of the above E) none of the above

Economics

The figure below shows a single consumer's demand for ice cream at the student union. If there are 1,000 students on campus during a regular semester, and each student's weekly demand for ice cream is shown above, then when the student union charges $3.00 per scoop, those 1,000 students purchase a total of ________ scoops per week.

A. 1,000 B. 400 C. 4,000 D. 2,000

Economics