You own a business that answers telephone calls for physicians after their offices close. You have an incentive to substitute capital for labor if the
A) marginal product of labor increases. B) price of labor increases.
C) price of capital increases. D) price of labor decreases.
B
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Protection is rarely withdrawn from infant industries because such firms are necessary to ensure creation of domestic jobs
a. True b. False Indicate whether the statement is true or false
M1 includes
a. currency. b. demand deposits. c. traveler's checks. d. All of the above are correct.
The demand curve facing a monopolist is
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.
If the price of beef jerky rises, then the substitution effect due to the price change will cause
A) an increase in the demand for beef jerky. B) an increase in the demand for hot sauce, a complement for beef jerky. C) an increase in the quantity of beef jerky demanded. D) a decrease in the quantity of beef jerky demanded.