The quantity of labor supplied is dependent on the size of the working population and the wage rate.
Answer the following statement true (T) or false (F)
True
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The short run is not the same length of time for all firms and industries because: a. entrepreneurs have different tastes and preferences
b. the average product of labor varies across industries. c. the life span of capital and the extent of capital specialization will vary across firms and industries. d. The marginal product of capital begins to diminish at different levels of capital utilization across firms.
Instead of throwing away a worn-out pair of jeans, a cowboy trades them in for $12 . The jeans are resold for $45 to someone who likes to project a rugged image. These transactions are Pareto improvements
a. True b. False
Inflation:
a. Never hurts the economy. b. Only hurts the economy as a whole when it is not expected. c. Never redistributes income and wealth. d. Hurts the economy when incentives are affected.
A competitive market creates strong pressure for technological innovation that
A. Provides the firm with more market power. B. Shifts the firm's demand curve to the right. C. Shifts the supply curve to the right. D. Allows the firm to raise the price of its product.