What causes the labor demand curve to shift? (i) changes in productivity (ii) changes in wages (iii) changes in output prices
a. (i) and (ii)
b. (ii) and (iii)
c. (i) and (iii)
d. All of the above are correct.
c
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Households ________ final goods and services in the ________ market
A) purchase; product B) purchase; factor C) sell; factor D) sell; product
The marginal rate of substitution is
A. the slope of the utility curve. B. the slope of the contract curve. C. the slope of the utility possibilities curve. D. none of these answer options are correct.
Mark and Charles are roommates at college. Each has written a 25-page term paper for the same English class. They are equally poor typists. Charles types his own paper and gets paid by Mark to type his, too. On the basis of the information given, which one of the following must be true?
a. Mark is wealthier than Charles. b. Mark needs more time to study than Charles. c. Charles hates typing. d. Mark and Charles have different utilities for typing but place the same value on time. e. Mark's opportunity cost of typing is higher than Charles's.
According to the graph shown, at point C the firm is earning:
A. fewer profits than at point B, and they should produce less. B. higher profits than at point B, and they should produce more. C. fewer profits than at point B, and they should produce more. D. higher profits than at point B, and they should produce less.