A portion of a worker's earnings is economic rent if
A. the worker was the last person hired at the going wage rate.
B. the worker has industry-specific skills.
C. the supply curve of labor is horizontal.
D. the worker would accept a small wage cut without quitting or working for someone else.
Answer: D
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Answer the next question based on the following demand and cost data faced by a pure monopolistDemand DataCost DataPriceQuantity DemandedOutputTotal Cost$2.7533$4.002.50444.502.25554.752.00665.751.75777.75The profit-maximizing price for the pure monopoly will be ________.
A. $2.00 B. $1.75 C. $2.25 D. $2.50
The invisible hand ensures that economic prosperity is distributed equally
a. True b. False Indicate whether the statement is true or false
Which of the following would shift the investment demand curve leftward?
A. an increase in business taxes B. a decrease in business taxes C. a tax credit for new investment D. Firms are operating their plants at full capacity.
When drawing a production possibilities frontier, which of the following is held constant?
A) the amount of money in the economy B) the available factors of production and the state of technology C) the prices of goods and services D) the quantity of the goods and services that are produced E) None of the above because nothing is held constant when drawing the production possibilities frontier.