The marginal labor cost curve for a monopsonist
a. is equal to the supply curve of labor
b. lies above the supply curve of labor
c. lies below the supply curve of labor
d. is affected by the fact that workers are less willing to work than under conditions of perfect competition
e. is lower than the marginal revenue product of labor in equilibrium which assures the monopsonist a return to monopoly power
B
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Along the 45° reference line
A) the average propensity to consume is represented. B) planned real expenditures equal real disposable income. C) consumption expenditures equal saving. D) the relationship between consumption and income is represented.
If firms became more optimistic about the future of the economy, which of the following occurs?
A) Investment demand decreases, and the demand for loanable funds curve shifts leftward. B) The quantity of investment demanded increases, and there is a movement down along the demand for loanable funds curve. C) The quantity of investment demanded decreases, and there is a movement up along the demand for loanable funds curve. D) The saving decreases, and the supply of loanable funds curve shifts leftward. E) Investment demand increases, and the demand for loanable funds curve shifts rightward.
In the short run, a firm continues to produce only if it can cover the:
a. fixed costs. b. sunk costs. c. explicit costs. d. variable costs. e. implicit costs.
If nation A has an absolute advantage over nation B in the production of a product, this implies that
a. it requires fewer resources in A to produce the good than in B. b. the cost of producing the good in terms of some other good's production that must be sacrificed is lower in A than in B. c. nation B could not benefit by engaging in trade with A. d. nation A should acquire this product by trading with B. e. nation A could not benefit by engaging in trade with B.