If all of the income paid to a resource is opportunity costs,
a. the price and quantity of that resource are determined exclusively by supply
b. the price and quantity of that resource are determined exclusively by demand
c. the quantity of that resource is determined exclusively by supply
d. the price of that resource is determined exclusively by demand
e. the quantity of that resource is determined exclusively by demand
E
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When the government runs a budget deficit, we would expect to see that
A) public saving is positive. B) private saving will fall. C) G + TR < T. D) investment will fall.
For a monopsony buyer, the marginal expenditure per unit of an input
A) exceeds the average expenditure per unit. B) is less than the average expenditure per unit. C) equals the average expenditure per unit. D) any of the above could be true.
Policies to deregulate the labor market in Britain are examples of ________ policy.
A. environmental B. anti-trust C. monetary D. structural
Which of the following is a transfer payment?
A. the president's salary B. veterans' benefits C. the NASA budget D. schoolteachers' salaries