A firm's demand for labor curve
A) is the same as its value of marginal product of labor curve.
B) shows how many jobs the firm demands at different wage rates.
C) shifts rightward when the price of the firm's output falls.
D) None of the above answers are correct.
A
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Why are many oligopolistic market outcomes conveniently described by a Prisoners' Dilemma?
A) The firms can always achieve the outcome that maximizes joint outcomes. B) The firms could do better than the Nash equilibrium if they collude. C) The outcome of a Prisoners' Dilemma is always efficient. D) The outcome of a Prisoners' Dilemma is always identical to the perfectly competitive outcome.
Demand for Shell gasoline will increase if the price of:
A. Motor vehicles increases. B. BP gasoline increases. C. BP gasoline decreases. D. Shell gasoline decreases.
Price elasticity of supply refers to the
a. change in supply that results from a change in demand b. percentage change in supply generated by a percentage change in demand c. change in price that results from a change in supply d. percentage change in price generated by a percentage change in supply e. percentage change in supply generated by a percentage change in price
For Molly, the substitution effect of a wage increase is stronger than the income effect. In response to a wage increase, will Sally work more hours or will she work fewer hours?