If a group has a positive elasticity of labor supply, then increases in wages will result in continued increases in the quantity of labor supplied.
Answer the following statement true (T) or false (F)
True
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The result that different auction styles in which the good goes to the winner with the highest valuation of the good generate the same amount of revenue is called
A) Revenue Equivalence Theorem. B) Marginal Revenue Theory. C) Auction Revenue Theory. D) First Bid Revenue Theorem.
The quantity sold in a market will increase if the government
a. decreases a binding price floor in that market. b. increases a binding price ceiling in that market. c. decreases a tax on the good sold in that market. d. More than one of the above is correct.
A municipal bond is
a. issued by the federal government. b. issued by state and local governments. c. issued by corporations. d. issued by households.
The production possibilities curve demonstrate which of the following concepts?
A) scarcity B) choice C) trade-offs D) all of the above