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a) Why is a typical supply curve upward sloping?
b) Farmers who sell
agricultural products are like wheat and wool are price takers. That is, they sell their prouce at the market price. What happens to the supply of wheat when the Market price falls? Why?
Imagine you get a pay rise that trebles your income. What would you do with it? Or, to put the question in economic terms, would the pay rise shift your demand curves to the right?
Explain the oligopoly market structure. What are its characteristics? Explain two behavioral patterns of oligopolistic firms and why they behave in such ways. Give an example of an oligopoly market in Australia and how it fits in with the characteristics of the oligopoly market structure.
What did the classical economists believe was the cause of unemployment levels of over 20% during the great depression? What was their solution?