A noncompeting labor market is best illustrated by the market for
a. fast food workers
b. high school teachers
c. automobile workers
d. concert violinists
e. insurance salespeople
D
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Refer to Figure 12-15. Suppose a typical firm in a perfectly competitive market is earning economic profits in the short run. Which of the diagrams in the figure depicts what happens in the industry as it transitions to a long-run equilibrium?
A) Panel A B) Panel B C) Panel C D) Panel D
During a recession, tax revenues ________ while government transfer payments ________, thereby mitigating part of the adverse effects of a recession and stabilizing the economy.
A. fall; increase B. fall; decrease C. rise; increase D. rise; decrease
If both the demand curve and the supply curve shift to the right, we can unambiguously conclude that the
A) market clearing price will increase. B) market clearing price will decrease. C) equilibrium quantity will increase. D) equilibrium quantity will decrease.
As populations age, public spending tends to increase
Indicate whether the statement is true or false