If a teachers' union negotiates the wage for all college professors, the market supply curve of college professors
a. is perfectly elastic everywhere
b. is perfectly inelastic everywhere
c. is horizontal and then it slopes upward
d. is vertical and it slopes upward
e. slopes upward and then becomes horizontal
C
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From the table above, which gives data about the U.S. labor market in 1933, the unemployment rate is
A) 2 percent. B) 18 percent. C) 20 percent. D) 25 percent. E) 35 percent.
In general, elasticities measure
A) the change in quantity demanded when a product attribute changes. B) the change in consumer spending when income changes. C) the change in an attribute for a percentage change in price. D) the percentage change in the quantity demanded resulting from a fixed percentage change in some attribute.
Consistency of FGLS requires:
A. ?utto be uncorrelated with xt-1, xt, and xt+1. B. ?utto be uncorrelated with xt and xt+1. C. ?utto be correlated with xt and xt+1. D. ?utto be correlated with xt-1, xt, and xt+1.
Spyros owns a pancake restaurant. For years, customers have had two pricing options: two pancakes for $6.00 or three pancakes for $8.00. Both pricing options sell equally well. Spyros wants to add an option to order four pancakes to the menu. Using your knowledge of diminishing marginal return, what price would you recommend he set for four pancakes in order to maximize the number of pancakes he sells? Explain how you arrived at your answer.
What will be an ideal response?