A 2% wage increase for teachers or police officers is:
a. usually offset by higher output per worker.
b. leads to increases in municipal budgets.
c. indicates that teachers and police have became more selfish.
d. leads to more personalized service.
b
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A supply curve shows quantities supplied at various prices. It also shows the
A) total profit the firm earns at a given level of output. B) marginal benefit of the good. C) total cost of production. D) marginal cost of production. E) producer surplus, which is equal to the slope of the supply curve.
Landowners whose property is seized through eminent domain share in the gains that result from the taking of their property
Indicate whether the statement is true or false
In the short run, a perfectly competitive firm's most profitable level of output is where:
a. total revenue minus total cost is at a maximum. b. marginal cost equals marginal revenue. c. Both of the above. d. Neither of the above.
Higher interest rates make it:
A. harder to get a loan typically. B. more expensive to borrow. C. less expensive to borrow. D. easier to get a loan typically.