The labor demand curve of an imperfectly competitive seller is downward sloping
A. solely because of diminishing marginal utility.
B. solely because of diminishing returns.
C. because of both diminishing returns and the necessity to lower price to sell more output.
D. solely because product price must be reduced to sell more output.
Answer: C
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Social preferences chosen from behind the veil of ignorance are likely to value efficient outcomes and are likely to treat individuals symmetrically. ?
Answer the following statement true (T) or false (F)
The decision firms make about new capital projects is most like the decision consumers make when they decide
A) whether to take a new job. B) which of two new jobs to take. C) what brand of coffee to buy. D) whether to buy a new house. E) whether to go on vacation.
The basic proposition in international trade is that
A) trade is determined by absolute advantage. B) in the long run, imports are paid for by exports. C) everyone is made better off by free trade. D) fair trade is more important than free trade.
The U.S. military defends Jacob from foreign attackers. The fact that Jacob enjoys this protection does not detract from others Americans' enjoyment of it. For this reason, we say that national defense is
a. excludable. b. not excludable. c. rival in consumption. d. not rival in consumption.