A shift of the demand curve for a good occurs whenever new technologies make inputs used in producing that good available at lower prices
a. True
b. False
Indicate whether the statement is true or false
False
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One method unions use to ration available jobs among excess workers is
A) lengthy apprenticeships. B) to hire only white collar workers. C) collective bargaining. D) refuse to unionize.
Price floors are instituted because the government wants to:
a. help consumers. b. help producers. c. raise tax revenue. d. prevent imports. e. increase demand.
Marginal labor cost is measured by
a. MR × price b. MR × MC c. change in TR / change in MPP d. change in TC / change in labor hired e. change in TC / change in MPP
If the AC curve in the above graph represents the minimum of the average total cost curve, then examples of X-inefficiency would best be represented by point:
A. A at output level Q1 and point B at output level Q2. B. E at output level Q2 and point F at output level Q3. C. A at output level Q1 and point D at output level Q1. D. D at output level Q1 and point C at output level Q3.