People supply their resources to the highest-paying alternative, even if working conditions are not equally attractive
a. True
b. False
B
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When the interest rate changes,
A) the demand curve for bonds shifts to the right. B) the demand curve for bonds shifts to the left. C) the supply curve for bonds shifts to the right. D) it is because either the demand or the supply curve has shifted.
Refer to Figure 7.4. If the market was a monopoly, the consumer surplus would be:
A. $625. B. $450. C. $300 D. $225.
Answer the following statement(s) true (T) or false (F)
1. A Pigouvian tax is a charge on a good whose production generates a negative externality, such that the charge isequal to the MEC at the competitive output level.
2. In the single-polluter case, a firm faced with an emission charge for pollution implemented as a marginal tax (MT) will abate as long as MAC
Which of the following explains why talented major league baseball players command much higher salaries than neurosurgeons?
A) because it takes far more skill and training to be a major league baseball player than to be a neurosurgeon B) because the supply of talented major league baseball players is low relative to its demand compared to the supply of neurosurgeons. Therefore, adding another player yields far greater marginal benefit than adding another neurosurgeon. C) because the total value of baseball games is much higher than the total value of neurosurgery D) because the supply of talented major league baseball players is relatively low compared to the supply of neurosurgeons. Therefore, major league baseball players exert far more market power than neurosurgeons.