In accordance with the law of supply, both individual and market supply curves are drawn:
A. horizontal.
B. vertical.
C. downward-sloping.
D. upward-sloping.
Answer: D
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The reason that a salaried salesman is not working diligently in making high margin sales for the principal could be
a. Adverse selection b. Moral hazard c. All of the above d. None of the above
Assume a monopolistically competitive firm is earning an economic profit. The marginal revenue from selling an additional unit is $30 and the marginal cost of producing that additional unit is $23 . The firm should
a. change neither its price nor its output level b. reduce its price and increase its output level c. increase its price and reduce its output level d. reduce both its price and its output level e. increase both its price and its output level
Suppose a negative income tax program is established at 25 percent, and a poverty threshold minimum of $15,000 is guaranteed for a family of four. What is the highest income a family could earn in the workplace before being cut out of the government program?
a. $20,000 b. $15,000 c. $18,750 d. $60,000 e. $10,000
If opportunity costs are constant, the production possibilities frontier would be graphed as
A) a ray from the origin. B) a positively sloped straight line. C) a negatively sloped curve bowed in toward the origin. D) a negatively sloped straight line.