An increase in the population will lead to
a. a rightward shift in every individual's demand curve
b. no shift in the market demand curve
c. a rightward shift in the market demand curve
d. a rightward movement along every individual's demand curve
e. a rightward movement along the market demand curve
C
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Which of the following Nobel laureates became known for the study of asymmetric information?
A) Michael Spence B) Ronald Coase C) George Ackerlof D) Gary Becker
If the supply of labor to a monopsonist is everywhere unit elastic, then the wage will equal
A) the marginal expenditure. B) one-half of the marginal expenditure. C) the marginal revenue product of labor. D) one.
Blowdryer businessman Max Power is starting a new hairdryer business. Max estimates his production function to be q = KL0.5. Max has 60 units of capital (K = 60 ). Derive Max's MP and AP of labor for the current level of capital
What will be an ideal response?
Supporters of consumer-driven health care assert that:
a. competitive markets are the most efficient way to allocate limited health care resources b. govenment agencies staffed by consumers should determine health care prices c. both of the above d. neither of the above