econ unit 3 test
In short-run decisions, the only thing a company has control over is __________.
labor
Quantity demanded is a useless statistic without a __________________.
time constraint
What is the best explanation of the economic term utility?
usefulness of a product to the consumer
What is the marginal utility of the fourth sandwich?
0
What is the marginal product with 4 worker?
3 cars
What is the point of diminishing marginal utility?
What is the point of diminishing marginal utility?
Which of the following would NOT be an inferior good?
a suede sports coat
During an economic downturn, the demand for steak would _________________.
decrease
The government announced that it would decrease subsidies for corn growers. In this situation, supply in the corn market would ____________.
decrease
When both demand and supply decrease, _________ is uncertain.
equilibrium price
When there is an increase in demand, __________ increases.
equilibrium quantity
A normal good is a good or service whose demand is directly related to ________.
income
A new discovery of oil in Montana. In this situation, supply in the oil market would ____________.
increase
A news report declared the elimination of mad cow disease in the United States. In this situation, demand for beef would _________________.
increase
If the price of one substitute good increases, the demand for the other will __________.
increase
Change in demand refers to any influence other than ___________.
price