If the demand for labor in a particular industry increases, the equilibrium wage in that industry will also increase
a. True
b. False
Indicate whether the statement is true or false
True
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A perfectly elastic demand curve has a slope of ________ while a perfectly inelastic demand curve has a slope of ________.
A. 0; infinity B. 1; 0 C. 0; 1 D. infinity; 0
Taxes provide individuals with incentive to:
(a) Increase the number of working hours. (b) Increase productivity by working longer and harder. (c) Direct resources to uses where taxes are relatively low or nonexistent. (d) Buy and save more.
In game theory, behavior that results in cooperation as long as the other players continue to cooperate, is referred to as
A) nice behavior. B) tit-for-tat strategic behavior. C) simple behavior. D) opportunistic behavior.
A gas station opened up on the highway in a patch where there are no gas stations close by. It is more likely to be able to set higher prices because
a. the demand for its product is more inelastic due to an unavailability of substitutes b. the demand for its product is more elastic due to an unavailability of substitutes c. the demand for its product is more inelastic due to an availability of substitutes d. the demand for its product is more elastic due to an availability of substitutes