Which of the following activities would occur in a resource market?
a. Reesa buys a new computer to help balance her personal checkbook.
b. Randy pays a speeding ticket.
c. Ian mows his grass.
d. Pam buys a ticket to the ball game.
e. General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.
E
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In a centrally planned economy, the concept of marginal cost
A) is important if planners want to achieve their objectives at the lowest possible cost. B) is irrelevant because resources can be obtained by government decree. C) is irrelevant because socialist firms do not have to earn profits. D) is irrelevant if industries can be subsidized.
The price of crude oil increased to $100 per barrel in early 2008. What would we expect to see happen to the supply of gasoline, which is produced using crude oil?
A) The supply of gasoline will increase. B) The supply of gasoline will decrease. C) The supply of gasoline will stay the same because the government requires gasoline producers to meet statutory minimum production levels. D) The supply of gasoline will stay the same because of the profit motives of gasoline producers.