The shape of the supply curve of labor may be described as _________________.
Fill in the blank(s) with the appropriate word(s).
backward bending
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Which of the following is a macroeconomic subject?
a. international shipping rates b. price of French wine c. price of Japanese cars d. the rate of growth in the Canadian economy e. home mortgage rates in Brazil
A Pigouvian tax corrects for
A. market congestion. B. market losses. C. inefficient sales. D. low market prices.
Are markets always in equilibrium?
A. Yes, they are always at the equilibrium point, or very close to it. B. Yes, because few things tend to alter supply and demand. C. No, but if there is no interference, they tend to move toward equilibrium. D. No, they never “settle down” into a stable price and quantity. E. Uncertain, economic theory has no answer to this question.
Price-taking producers have horizontal marginal revenue curves.
Answer the following statement true (T) or false (F)