An increase in the supply of the product implies:
a. producers will now charge a higher price for a given quantity of output.
b. the supply curve will shift to the left.
c. some producers are dropping out of this market.
d. producers will now charge a lower price for a given quantity of output.
e. the price of this product has increased.
d
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Application of the time inconsistency problem to monetary policy suggests that, without some mechanism to ensure commitment, the
A) rate of inflation will be higher than it would be with commitment. B) level of real output will be lower than it would be with commitment. C) rate of inflation will be higher and the level of real output will be lower than they would be with commitment. D) rate of inflation and the level of real output will be higher than they would be with commitment.
A firm produces 1000 units per week. It hires 10 full-time workers (40 hours/week each) at an hourly wage of $20 . Raw materials costs $5 per unit. Rent for the factory is $1,500 per week. What are the overall costs for the week?
a. total variable cost is $5,000 . total fixed cost is $1,500; total cost is $6,500 b. total variable cost is $13,000 . total fixed cost is $9,500; total cost is $22,500 c. total variable cost is $13,000 . total fixed cost is $1,500; total cost is $14,500 d. total variable cost is $5,000 . total fixed cost is $9,500; total cost is $14,500