All else equal, a decrease in the supply of labor will shift the labor supply curve to the left and decrease the equilibrium wage
Indicate whether the statement is true or false
FALSE
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If a monopolist's price is $50 at the output where marginal revenue equals marginal cost and average total cost is $43, then the incremental profit from the last unit sold is $7
Indicate whether the statement is true or false
The price elasticity of demand for tickets to local hockey matches is estimated to be equal to 0.89 . In order to boost ticket revenues, an economist would advise:
a. decreasing the price of hockey match tickets because demand is elastic b. increasing the price of hockey match tickets because demand is elastic. c. not changing the price of hockey match tickets because demand is unit elastic. d. increasing the price of hockey match tickets because demand is inelastic.
An accounting identity
A. is useless in analyzing balance of payments since one cannot tell from the identity whether an equilibrium exists or not. B. ensures a balance but does not ensure an equilibrium. C. applies only to plans of economic agents and not to their actual actions. D. ensures that all balances will be in equilibrium.
The sources of economic growth, as measured by increases in real GDP per-capita, include
A. an increase in the number of workers. B. an increase in economic freedom. C. an increase in the productivity of workers. D. all of these are sources of growth.