The long run demand curve for wheat is likely to be:
a. more elastic than the short run demand curve for wheat.
b. more inelastic the short run demand curve for wheat.
c. the same as the short run demand curve for wheat
d. more inelastic than the short run supply of wheat.
a
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Sally and Harry both work at the local factory producing cars. Sally earns $22 per hour working the day shift, and Harry earns $25 per hour working the night shift. Sally and Harry do the same job, have the same experience, and have the same level of education. This means that the
a. higher-paying job has a compensating wage differential of $3 per hour. b. higher-paying job has a compensating wage differential of $25 per hour. c. higher-paying job is intrinsically more attractive than the lower-paying job. d. factory is discriminating against Sally because she is a woman.
Rent control makes consumers who can find a place to rent worse off.
Answer the following statement true (T) or false (F)
The individual labor supply curve is positively sloped in the short run.
Answer the following statement true (T) or false (F)
If a perfectly competitive firm is currently producing where ________, then the firm will earn zero profits.
A. P = MC and MC = ATC B. P < MC and MC > ATC C. P = MC and MC < ATC D. P > MC and MC = ATC