If the elasticity of supply of labor is low and the elasticity of demand for labor is high, then workers pay most of the Social Security tax levied on labor
Indicate whether the statement is true or false
TRUE
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After the September 11, 2001 attacks on the World Trade Center, the supply of downtown office space in Manhattan was dramatically reduced. Forecasters predicted that the equilibrium price would rise, but in fact the price fell
What are some factors that could explain the fall in the equilibrium price, which the forecasters failed to take into account? A) Demand for office space fell due to quality-of-life concerns. B) The economic slowdown caused demand for office space to fall. C) both A and B D) none of the above
Externalities can be produced by ____________, as well as ____________.
A. individuals; firms B. market prices; market incomes C. oceans; streams D. none of these answer options are correct.
If the Naval Research Laboratory fired a chemist and the Environmental Protection Agency hired her at the same salary, the net effect of these events would cause _____
Fill in the blank(s) with the appropriate word(s).
When a firm is able to achieve the output indicated by a production function, it is producing with technical efficiency.
Answer the following statement true (T) or false (F)