Under long-run equilibrium in perfect competition, each firm operates at the minimum point of its average-variable-cost curve
a. True
b. False
Indicate whether the statement is true or false
False
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A minimum wage set above the equilibrium wage will ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) not change; not change
Discrimination that occurs when people's preferences cause them to discriminate against a certain group is referred to as:
A) group discrimination. B) special interest group discrimination. C) cultural discrimination. D) taste-based discrimination.
The first difference of the logarithm of Yt equals
A) the first difference of Y. B) the difference between the lead and the lag of Y. C) the approximately the growth rate of Y when the growth rate is small. D) the growth rate of Y exactly.
Indifference curves have a bowed-out shape because of diminishing marginal utilities
a. True b. False Indicate whether the statement is true or false