For a monopsonist, the supply of labor facing the firm is
a. an insignificant portion of the labor market's supply
b. perfectly horizontal
c. downward sloping
d. the summation of each firm's demand for labor
e. identical to the supply curve facing the labor market for the industry
E
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A demand function is Qd = 55 - 3P, when price is €10, quantity demanded is
(a) 10. (b) 25. (c) Zero. (d) We need more information to answer.
According to the quantity theory of money, inflation is attributable to increases in:
A. the money supply in excess of increases in real GDP. B. velocity in excess of increases in real GDP. C. real GDP. D. velocity.
If economists are making the assumption that business people try to maximize profits, the best way to determine whether this assumption is useful or not is to
A) see whether it generates accurate predictions about the choices of business people. B) ask business people whether it is true or not. C) find out whether U.S. businesses are more profitable than European businesses. D) take a survey of people and see if they agree with this assumption.
Individuals who have never been the best at doing anything
A) cannot have a comparative advantage in producing any product. B) can still have a comparative advantage in producing some product. C) perform all tasks at a higher opportunity cost than others. D) must have an absolute advantage in at least ones task.