If the price of labor falls, we can expect

a. demand for labor will increase
b. quantity demanded of labor will increase
c. demand for labor will decrease
d. quantity demanded of labor will decrease
e. marginal labor cost to rise

B

Economics

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Exhibit 30-1

?

A. Curve X, because if there is a negative externality, external costs are associated with it: social costs = external costs + private costs, therefore the marginal social cost curve must lie above the marginal private cost curve. B. Curve Y, because if there is a negative externality, negative external costs are associated with it: social costs = negative external costs + private costs, therefore the marginal social cost curve must lie below the marginal private cost curve. C. Curve X, because if there is a negative externality, external benefits are associated with it: social costs = external benefits + private costs, therefore the marginal social cost curve must lie above the marginal private cost curve. D. Curve Y, because if there is a negative externality, negative external benefits are associated with it: social costs = negative external benefits + private costs, therefore the marginal social cost curve must lie below the marginal private cost curve.

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Economics

At the equilibrium price, the quantity of the good that buyers are willing and able to buy

a. is greater than the quantity that sellers are willing and able to sell. b. exactly equals the quantity that sellers are willing and able to sell. c. is less than the quantity that sellers are willing and able to sell. d. there is no scarcity.

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Economics

When a U.S. citizen invests in foreign assets, the transaction is recorded in the balance of payments as a

a. credit in financial account. b. debit in the financial account. c. credit in the current account. d. debit in the current account.

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Economics

A price elasticity of demand of 5 means that for every 1 percent change in price, the quantity demanded will change in the opposite direction by 5 percent

a. True b. False Indicate whether the statement is true or false

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Economics