All other things being equal, an increase in the supply of labor will lead to a fall in the wage.
Answer the following statement true (T) or false (F)
True
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All of the following are examples of the volunteer's dilemma except which one?
A) You are trying to decide whether to spend time volunteering at a local homeless shelter or at a neighborhood elementary school. B) You, along with a dozen other drivers, witness a car accident. You cannot decide whether to dial 911 or let one of the other witnesses dial 911 instead. C) Five high school students are contemplating sneaking out of school after lunch. One student has to create a diversion that will get him sent to detention in order for the others to escape unseen. D) A house is on fire and there may be someone still inside. Who will go inside the burning house to attempt to rescue the potential victim?
Which of the following is NOT an assumption of monopolistic competition?
a. Each firm's output is slightly different from other firms in the industry. b. There are many firms in the industry. c. Production occurs with increasing returns to scale technology. d. Each firm faces a perfectly elastic demand curve.
Because commodity money is not uniform in quality, there is a tendency
A) for higher quality commodity money to drive lower quality commodity money out of circulation. B) for lower quality commodity money to drive higher quality commodity money out of circulation. C) for stable commodity money to drive unstable commodity money out of circulation D) for unstable commodity money to drive stable commodity money out of circulation.
Suppose that MU x /P x exceeds MU y /P y . To maximize utility, the consumer who is spending all her money income should buy:
A. less of X only if its price rises. B. more of Y only if its price rises. C. more of Y and less of X. D. more of X and less of Y.