Which of the following is not a determinant of supply?
a. improvements in technology
b. an increase in the number of consumers
c. changes in the profitability of producing other products
d. a change in the cost of labor
b. an increase in the number of consumers
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Minimum wage laws:
A) can cause the quantity demanded to exceed the quantity supplied of labor. B) are used to solve the problem of wage rigidity. C) can give rise to wage rigidity. D) help in equating the quantity of labor demanded and supplied.
In the long run, a perfectly competitive firm maximizes profit so P = MC = AC.
Answer the following statement true (T) or false (F)
The ________ is the number of unemployed divided by the labor force and the ________ is the number of employed divided by the adult population
A) unemployment rate; employment rate B) unemployment rate; employment ratio C) unemployment ratio; participation rate D) discouraged worker ratio; employment rate
If Big Sails and Jet Sails are two competing sailboat firms and Big Sails wants to make a threat to Jet Sails more credible, they can do all of the following except which one?
A) take action to lower the firm's costs B) make Jet Sails aware of Big Sails' plans C) take action to increase the firm's capacity D) keep Jet Sails in the dark regarding Big Sails' plans