The value of a resource to a firm depends on the value of the final product supplied to the market
Indicate whether the statement is true or false
true
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The table above shows the distribution of income in Swacko. The government of Swacko imposes a 20 percent tax on people with the highest 40 percent of income
The government then distributes 40 percent of the tax collected to the lowest 20 percent and 30 percent to the second 20 percent and the middle 20 percent. After the redistribution, the Lorenz curve for income ________. A) is equal to the line of equality B) equals the Lorenz curve for wealth C) is closer to the line of equality D) is above the line of equality
Think totals: In a perfectly competitive labor market, the total labor cost curve, TLC
a. is upward sloping, and the marginal labor cost curve, MLC, is downward sloping b. is downward sloping, and the marginal labor cost curve, MLC, is upward sloping c. and the marginal labor cost curve, MLC, are both horizontal curves d. is horizontal and the marginal labor cost curve, MLC, is upward sloping e. is upward sloping, and the marginal labor cost curve, MLC, is horizontal
The rate of output that maximizes profit for a monopolist can be found where ________
a. average revenue equals marginal cost b. price equals marginal cost c. marginal revenue equals marginal cost d. total revenue is maximized
Draw a graph of the demand, marginal revenue, average total cost, and marginal cost curves.
