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A decrease in the price of GPS systems will result in C. a larger quantity of GPS systems supplied.
11) If, for a product, the quantity supplied exceeds the quantity demanded, the market price will fall until A. D. quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.
12) Which of the following is evidence of a surplus of bananas? . C. The price of bananas is lowered in order to increase sales.
At low wages, the labor supply curve for most people slopes upward because A. the supply of labor is perfectly inelastic at low wages.
14) Which of the following best explains why unemployment rates are higher in the European economies than in the United States?. C. Unemployment benefits are more generous in Europe than in the United States.
15) Firms use information on labor's marginal revenue product to determine
. C. how many workers to hire at each wage rate.
16) A decrease in the wage rate causes A. an increase in the quantity of labor demanded.
17) An individual's labor supply curve shows . D. the relationship between wages and the quantity of labor that she is willing to supply.
18) How will an increase in population affect the labor market? A. It will shift the market supply curve.
19) Which of the following displays rivalry and excludability in consumption? - D. private goods
20) Private costs C. are borne by producers of a good while social costs are borne by society at large.
21) Which of the following is an example of a quasi-public good? A. cable television
22) One reason why the coffeehouse market is competitive is that A. demand for specialty coffee is very high
23) The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because
C. products are differentiated.
24) The key characteristics of a monopolistically competitive market structure include A. many small (relative to the total market) sellers acting independently