The supply curve of labor facing an employer in a perfectly competitive labor market is
a. upward sloping
b. downward sloping
c. horizontal
d. greater than MLC
e. the MRP curve
C
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Under a situation of asset market equilibrium,
A) the quantity of money supplied equals the quantity of money demanded. B) the quantity of money supplied equals the quantity of nonmonetary assets demanded. C) the quantity of nonmonetary assets supplied equals the quantity of monetary assets demanded. D) the quantity of money supplied equals the quantity of nonmonetary assets supplied.
At the intersection of the aggregate supply and aggregate demand curves, the economy is experiencing:
A. Full employment. B. Macro equilibrium. C. Low levels of inflation. D. Population growth.
An insect that is resistant to currently used pesticides has infested the cotton crop, and this year's crop is only half of what was produced last year. You accurately predict that this
A. will shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the demand for cotton will fall. B. will shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease. C. will shift the supply curve of cotton to the left, the equilibrium price of cotton will increase, and the quantity demanded of cotton will decrease. D. will shift the supply curve of cotton to the right, the equilibrium price of cotton will increase, and the demand for cotton will fall.
The product-variety externality and the business-stealing externality are both spillover benefits of new firms entering a monopolistically competitive market
a. True b. False Indicate whether the statement is true or false