In general the supply curve for a natural resource A slopes upward B is

In general the supply curve for a natural resource a

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137) In general, the supply curve for a natural resourceA) slopes upward.B) is horizontal.C) is vertical.D) slopes downward to reflect decreasing available quantities over time.Answer: A137)Diff: 1Page Ref: 569/569Topic: The Market for Natural ResourcesLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking42
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138) The price of a factor of production that is in fixed supply is called138)Diff: 1Page Ref: 569/569Topic: The Market for Natural ResourcesLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking139) If you were to ask your employer for a raise, which of the following would be your most effectiveargument?139)Diff: 1Page Ref: 571/571Topic: Marginal Revenue Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking140) There are 345 Division 1-A college basketball programs. If the NCAA chose to increase the numberof basketball programs from 345 to 400, the labor supply curve for Division 1-A head basketballcoaches would140)Diff: 2Page Ref: 572-573/572-573Topic: Differences in WagesLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking141) There are 345 Division 1-A college basketball programs. If the NCAA chose to increase the numberof basketball programs from 345 to 400, the labor supply curve for Division 1-A head basketballcoaches would ________ and the labor demand curve would ________.A) shift to the right; shift to the rightB) shift to the left; not changeC) not change; shift to the rightD) shift to the right; shift to the leftAnswer: A141)Diff: 2Page Ref: 572-573/572-573Topic: Differences in WagesLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking43
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