Use the following diagram to answer the next question. 
The diagram illustrates the pattern of
A. wage movements over time.
B. business cycles.
C. price level movements.
D. economic growth patterns.
Answer: B
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Inputs in production processes are called resources.
Answer the following statement true (T) or false (F)
Moving along the supply curve for labor, increases in the quantity of labor result from ________
A) diminishing returns to labor effort B) a rising cost of leisure C) a reduced preference for leisure D) more efficient recruitment of workers
When two _____ monopolists merge, one division of the newly merged company will transfer its output to another division at its actual cost, instead of its profit maximizing price
a. price discriminating b. natural c. output rationing d. successive
Breaking up a natural monopoly would be
A. inefficient. B. impossible. C. illegal. D. economically efficient.