If the market price of bikes rises from $50 to $60, then the company will want to produce a larger quantity of bikes. This is because the overall marginal revenue is now higher and will be maximized differently. Before profit was maximized at six bikes, now the profit will be maximized by producing more bikes, perhaps seven.

Throne technical university is looking for three people to work in its plant-biology laboratory. the hiring manager is finding that the most suitable job candidates live in other countries and are not willing to move to the city where the university is located. which situation is the university facing? a. lack of flexible workforce b. surpluses in labor talent c. an appearance of quota systems d. deficits in minimum wage demands

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

During which of the following phases of the business cycle does the real gdp fall? a. trough b. expansion c. contraction d. peak