Given that energy is an input in production, the development of a cheaper source of energy will result in:
a. a lower price level and a lower amount of production.
b. a higher price level and a higher amount of production.
c. a lower amount of production at every price level.
d. a higher amount of production at every price level.
e. a lower profit at every price level.
Question 2
Which of the following best illustrates the fallacy of composition?
a. If the price of a product rises, the quantity supplied will decline.
b. The average wage rate tends to increase at approximately the same rate as inflation; hence, wage increases must cause inflation.
c. Resources are scarce; therefore, there is no such thing as a free lunch.
d. If I talk loudly at a party, I have a better chance of being heard by my listeners. If everyone at the party talks loudly, everyone can be heard more clearly.
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