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Author Question: Given that energy is an input in production, the development of a cheaper source of energy will ... (Read 89 times)

bcretired

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on: Jun 30, 2018
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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randomguy133

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

d


bcretired

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Reply 2 on: Jun 30, 2018
Gracias!

at

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Reply 3 on: Yesterday
:D TYSM

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