The a firm's short-run cost curves shifts when there is a change in
A) technology
B) the prices of factors of production
C) the quantity of outputs
D) Both answers A and B are correct.
D
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The new growth theory
A) corrects for poor estimates of population growth. B) applies to only very poor, less-developed nations. C) eliminates technological advances from the growth picture. D) asserts that economic growth can be rapid but can only persist for a limited period of time. E) explains the source of technological advances.
Select the phrase that correctly completes the following statement. "A decrease in the number of manufacturers caused a decrease in the supply of sailboats. As a result,
A) the price of sailboats increased and the demand for sailboats decreased." B) the equilibrium quantity of sailboats increased." C) the price of sailboats increased. The higher price caused the supply of sailboats to increase." D) the price of sailboats increased and the quantity of sailboats demanded decreased."