An advertisement campaign that successfully convinces consumers to buy union-made products has the direct effect of shifting the
A) demand curve for union labor rightward.
B) demand curve for union labor leftward.
C) supply curve of union labor rightward.
D) supply curve of union labor leftward.
A
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In a perfectly competitive market, if supply and demand fully reflect all of the costs and benefits associated with production and consumption, then total economic surplus is maximized when:
A. consumer surplus and producer surplus are equal. B. price controls keep prices low enough that most consumers can purchase the item. C. consumer surplus is greater than producer surplus. D. the market is in equilibrium.
Due to automatic stabilizers, when the nation's total income rises, government transfer payments
A. and tax revenues increase. B. decrease and tax revenues increase. C. increase and tax revenues decrease. D. and tax revenues decrease.
The central idea distinguishing the "efficiency wage model" is that the wage paid by Firm A relative to the wages at other firms helps determine
A) Firm A's demand for labor. B) the amount of labor Firm A can hire. C) the productivity of Firm A's workers. D) Firm A's markup fraction.
The more limited information, the _____ the new classical AS curve
a. flatter. b. steeper. c. horizontal. d. downward sloping. e. none of the above.