Capital can be treated as a free resource
Indicate whether the statement is true or false
False
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Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.
You observe that more labor is employed and the wage rate increases. This set of events could have been the result of a
A) rightward shift of the labor demand curve. B) leftward shift of the labor supply curve. C) rightward shift of the labor supply curve. D) leftward shift of the labor demand curve.
Political leaders are always aiming for an optimal combination of efficiency and equality
a. True b. False Indicate whether the statement is true or false
An increase in the excise tax imposed upon consumers of gasoline
A. increases the supply of gasoline. B. decreases the demand for gasoline. C. increases the demand for gasoline. D. lowers the market price of gasoline.