Using the above table, the market clearing price for this product is
A) $5.
B) $4.
C) $3.
D) $2.
C
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A decrease in the real wage rate
A) shifts the labor demand curve rightward. B) shifts the labor demand curve leftward. C) shifts the labor supply curve leftward. D) none of the above because a change in the real wage rate does not shift either the labor demand or labor supply curve.
A natural monopoly occurs when
a. patents protect a firm from competition b. copyrights protect a firm from competition c. advertising costs exceed fixed costs d. marginal cost exceeds marginal revenue e. average costs decrease over the whole range of market output
According to Robert Reich, Secretary of Labor in the Clinton administration,
A. the identity of American companies is clear, and laws should be written accordingly. B. foreign companies are clearly different from American companies. C. multinational companies have clear bases of operations, which form their identity. D. it is almost impossible to define the nationality of a multinational company. E. identifying the country of origin of a product is almost impossible but essential for proper regulation.
Tariffs raise the price of imported goods, but quotas rarely do
Indicate whether the statement is true or false