Positive economic analysis answers what question?
What will be an ideal response?
Positive economic analysis answers the question "what is" or "what will be."
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In a bilateral monopoly, the wage rate is likely to be ________ than the value of marginal product of labor and ________ than in a pure monopsony
A) lower; lower B) lower; higher C) higher; lower D) higher; higher
Deadweight loss refers to the reduction in economic surplus resulting from a market not being in competitive equilibrium
Indicate whether the statement is true or false
The economy is fully employed when there is no:
a. seasonal unemployment. b. frictional unemployment. c. structural unemployment. d. cyclical unemployment.
The "law" of diminishing returns is also referred to as
a. the "law" of diminishing returns to scale. b. the "law" of variable input proportions. c. diminishing average physical product. d. the "law" of decreasing cost.